Spanish PE Takes Control of Brazilian Restaurant

Spanish private equity firm Mercapital has acquired a 70% stake in the Rubaiyat restaurant group for EUR46m ($57m), it says. The investment purchase comes as the group looks to open 10 more restaurants in the next four years, including expansion into Mexico, Peru and Colombia. It currently operates three locations in Brazil and one in Spain. Rubaiyat was founded in 1951 by Spaniard Belarmino Fernandez Iglesias, who exits his position in the transaction. His son Belarmino Fernandez, chairman since 2005, remains a minority shareholder and chairman. Santander and Uria Menendez advised the Fernandez family, while Mercapital was advised by Cuatrecasas. The purchase comes from Mercapital’s $550m fund.