Wragge & Co LLP's Private Equity Team has advised Octopus Investments on a £12 million acquisition of restaurant group Smollenskys and the Pastiche Bistros and Le Frog Bistros brands. Octopus has committed £6 million alongside senior debt from Alliance & Leicester.

Octopus has backed seasoned restaurateur Paul Lilley to run the group, whose existing restaurant business includes the Le Frog Bistros and Pastiche Bistros. The acquisition will increase the restaurant portfolio to 17 sites in central London, the North West and the Midlands.

Private equity partner Ian Piggin, led a cross-firm team comprising corporate associate Jon Tilley, Sarah Woolf, and corporate tax partners, Kevin Lowe and Neil Pearson.  Graham Spalding, head of transaction services, and Chris Gayle, director of banking and finance, provided additional specialist advice. They worked alongside Alistair Brew, Director of Octopus and Investment Manager, Matt Penneycard. Walker Morris acted for Smollenskys.

Ian Piggin said: "We have established a strong working relationship with Octopus based on our private equity experience. This is the third deal we have worked on for them and we hope to be able to continue the relationship for future deals."

Alistair Brew, Director at Octopus commented: "This was a complex transaction completed in a very short timescale and we were confident that the team at Wragge & Co would pull out all the stops to deliver an excellent and dedicated service".

Octopus Investments is a fund manager and private equity investor into fast growing SME companies. The company specialises in providing equity finance for management buy-outs, buy-ins and development capital for UK companies in transactions.

Wragge & Co's Private Equity Team is a single pool of experts delivering top-quality legal advice and commercial solutions to mid-market investors in London and nationally. Its clients include many key players in private equity and venture capital including 3i Group, Lloyds Development Capital, NVM Private Equity, Electra Kingsway, Dunedin Capital Partners, Isis Equity Partners and Close Brothers Private Equity.

---

For further information about this press release, contact Kathryn Hobbs on +44 (0)121 213 2397, Alexa Highfield on +44 (0)121 213 2396 or Amie Ryalls on +44 (0)121 213 2360

This press release may contain information of general interest about current legal issues, but does not give legal advice.