Whitbread has agreed the sale of its German restaurant business to a consortium of private equity groups for $35.6m (£24.8m).
The 58-strong Maredo chain of Argentinian steakhouses, which was founded 30 years ago and acquired by Whitbread in 1994, has 54 branches in Germany and another four in Austria. The business has a net asset value of $29m (£19.7m).
The sale to German Partners II LP, Co-Investors Parcom Ventures and Fortis Private Equity will complete in May if it is cleared by regulatory bodies in both countries. Current management will remain.
The price includes the cost of closing down Maredo’s holding company and returning the capital to its shareholder Whitbread.
The sale is part of a raft of disposals announced by Whitbread since October to allow it to focus on three areas – budget hotels, restaurants and health and leisure clubs.