Global private equity giant Blackstone has turned on the charm at Australian born-and-bred fast food chain Zambrero.
Bankers reckon Zambrero would likely be worth more than $500 million, based on its network of more than 230 restaurants, although much would depend on the sort of transaction its founder was seeking.
The talks come as rival Mexican food chain Guzman y Gomez scored a $1.2 billion valuation when Magellan Financial Group sold its 11.6 per cent stake in May. The deals acted as a handy valuation marker for anyone thinking about another transaction in the sector, or indeed any deal involving Guzman itself.
Blackstone has plenty of experience in fast-food businesses globally, including as the former owner of Heartland Food Corp, which had a big portfolio of Burger King restaurants in the United States, and Burger King in New Zealand, which went into receivership in 2020.
Read more. AFR
