- NoHo Partners owns around 53% of Better Burger Society, around 40% by Intera Partners and around 7% by the executive management and the founding partners
- Intera is a growth-oriented private equity firm that invests in Finnish and Swedish companies with sales of €10m-200m
- The firm is based in Helsinki
Intera Partners and NoHo Partners have established Better Burger Society.
NoHo Partners’ share ownership in Friends & Brgrs is invested into the new company as part of the transaction.
In addition to the €20.8 million base valuation of the full share capital of Friends & Brgrs, the parties have agreed on a contingent consideration acquisition price of maximum €15 million concerning Friends & Brgrs, subject to the EBITDA development of Friends & Brgrs in 2023.
NoHo Partners owns around 53 percent of Better Burger Society, around 40 percent by Intera Partners and around 7 percent by the executive management and the founding partners.
Better Burger Society’s strategy is to expand through acquisitions of local burger brands in Europe, according to a statement.
The first acquisition of Better Burger Society is Holy Cow!, a burger chain, for an acquisition price of around €24 million for a 76 percent ownership.
Holy Cow! is based in Lausanne, Switzerland.
Holy Cow!’s net sales are estimated to amount to around €40 million and operational EBITDA approximately to €6 million, adjusted by transaction costs, in 2023, the statement said.
“According to our assessment of the European burger market, Switzerland is particularly interesting because of the consumer’s purchasing power and the future growth potential. Holy Cow! is, like Friends & Brgrs, the biggest and most well-known brand in the market in its own segment,” said NoHo Partners CEO Aku Vikström.
NoHo Partners is a Finnish restaurant group behind around 250 restaurants, bars, pubs, nightclubs and entertainment venues. It is based in Tampere.
Intera is a Finnish growth-oriented private equity firm that invests in Finnish and Swedish companies with sales of €10 million to 200 million. The firm is based in Helsinki.