TriSpan takes stake in Mowgli restaurant group

Private equity firm TriSpan's dedicated restaurant fund Rising Stars has acquired a stake in Indian casual dining group Mowgli.

Founder Nisha Katona has maintained a significant interest in the company and will continue as group chief executive, while Matthew Peck and Lucy Worth remain as chief financial officer and chief operating officer respectively.

Mowgli will be supported by TriSpan and the board, which includes TriSpan European operating partner Robin Rowland, and non-executive director Dame Karen Jones.

The first Mowgli restaurant opened in 2014 in Liverpool. The group has since grown its portfolio to 15 sites and is due to expand into Brighton, Bristol and Edinburgh in 2023.

The Mowgli Trust has raised over £1.2m for local and global charities and each restaurant employs a charity champion and sustainability sergeant.

Katona said: “Founding and growing Mowgli has been an unremitting joy for me. I soar with excitement when I think of the future possibilities for Mowgli and the way the public and our teams have embraced our food and our brand.

“TriSpan understands the elements that have made Mowgli, her food and her culture worthy of this affection and loyalty. They get it and always have, and I look forward to sharing the board table with colleagues that are committed to continuing to grow Mowgli with this delicious integrity at her heart.”

Rowland said: “I have admired Mowgli for a number of years and am looking forward to working alongside Nisha and her proven management team and strong board to continue the evolution of this unique and loved brand, delivering authentic, fresh and exciting Indian cuisine.”

The deal with Mowgli marks TriSpan’s tenth restaurant investment globally and its fourth in the UK, following investments in Pho, Rosa’s Thai Café, and Thunderbird Fried Chicken.

Debt financing for the transaction was provided by OakNorth Bank. The terms of the transaction were not disclosed.