Herbert Smith Freehills Kramer is advising British billionaire Richard Caring as he sells a majority stake in his restaurant portfolio to Abu Dhabi-based luxury hospitality investor Diafa for £1.4bn.
Partner Alex Kay leads HSF Kramer’s team, which includes global head of tax William Arrenberg.
Norton Rose Fulbright is acting as legal adviser to Diafa on the transaction.
The deal, which is reported to be one of the largest ever in the UK restaurant sector, includes three parts of Caring’s hospitality portfolio: The Ivy Collection, Caprice Holdings restaurant group featuring Scott’s, Sexy Fish and J Sheeky, and The Birley Clubs, whose venues include Annabel’s, George, Harry’s Bar and Mark’s Club. Bill’s is not included as the deal focuses on the premium end of Caring’s mostly UK portfolio.
According to reports in The Times, Caring will remain executive chairman of the group, which will seek to expand the Ivy Collection into the US. The original Ivy restaurant was founded in 1917 and Caring purchased it in 2005.
Diafa is an affiliate of International Holding Company, which is chaired by Sheikh Tahnoon bin Zayed al-Nahyan, the deputy ruler of Abu Dhabi and younger brother of the UAE president, Sheikh Mohamed bin Zayed al-Nahyan.
Last year Diafa secured a stake in Azumi, which operates the Zuma and Roka brands worldwide. At the time, it said its goal was to become the world’s largest food and beverage business.
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