Piramal, Bain-promoted India Resurgence Fund acquires control in Impresario

Impresario Handmade Restaurants MD and CEO Riyaaz Amlani.

India Resurgence Fund, an India-focused investment platform promoted by Piramal Enterprises Limited and Bain Capital, today announced an investment of Rs 550 crores in top food and beverage firm and Social, Smoke House Deli operator Impresario Entertainment and Hospitality Private Limited.

Following the transaction, IndiaRF has become the majority shareholder of Impresario.

On June 10, 2022, Moneycontrol was the first to report that the Asian arm of L Catterton, the world's largest consumer focused private equity firm, which is backed by Louis Vuitton owner LVMH was looking to cede control in Impresario Entertainment & Hospitality Pvt Ltd. The report had added that the Piramal -Bain Capital fund was in talks to pick up a majority stake.

"The fresh capital will help fuel the further expansion of Impresario’s business, which had received an investment from L Catterton in 2017 and has since demonstrated resilient growth over the years despite facing challenges posed by the COVID-19 pandemic," the official release said.

Impresario’s largest brand, SOCIAL, has 35 outlets and is a popular spot for guests to socialise and network.

The Company’s other popular brands Smoke House Deli, Mocha, Slink & Bardot, and Salt Water Café provide contemporary formal and casual settings for friends and family.

In the future, Impresario plans to double its number of outlets as India’s F&B market gets more organised, with growth in the high teens expected over the coming years. To serve the country’s burgeoning middle class, as well as millennial and Gen Z consumers who are looking for refreshing and engaging experiences as they dine out more often amid the market’s evolution, the Company will enlarge its current geographical footprint from 17 to more than 30 cities as part of its expansion plan, the release added further .

Commenting on the investment, Shantanu Nalavadi, Managing Director of IndiaRF, said, “IndiaRF is delighted to partner with Impresario, which has built a profitable business on the back of strong brands, a professional team and a culture that allows the Company to stay nimble and creative. We plan to work alongside and augment the efforts of the management team, by leveraging on our deep operational engagement across multiple sectors. We believe that the next decade will see significant opportunities for Impresario as non-metro cities come up India’s aspirational curve and become major economic centres.”

Riyaaz Amlani, Founder and Managing Director of Impresario, added, “While the journey through the pandemic was especially tough for the restaurant sector, we were able to not only sustain, but also strengthen our business. As we now begin a new chapter with IndiaRF, we look forward to a fruitful collaboration which we believe will propel Impresario to an exciting next stage of growth. We look forward to building on the momentum we have generated over the years as we partnered with L Catterton, which shared its consumer insights and industry expertise with us to help us grow.”

Chinta Bhagat, a Managing Partner in the Asia fund of L Catterton, concluded, “Impresario is a pioneer in India’s casual dining category and we are happy to have contributed to its journey of redefining dining experiences across the country. Riyaaz and his team are committed to continuously innovating, keeping their concepts fresh and relevant, as well as delivering great customer experiences. We believe they are well positioned for further success as they continue to grow their footprint across India.”

Lodha Capital Markets was the exclusive financial adviser to L Catterton and Impresario on the transaction.