The deal marks the first investment in Livingbridge’s new £660m fund, Livingbridge 6, and is its third in the food and drink sector, following investments in Pho, the Vietnamese fast casual restaurant in 2012, and Bistrot Pierre, the regional French bistrot group in 2015.
PB Jacobse, CEO of rhubarb, said: “We are very excited to be working with Livingbridge on the next stage of our development, particularly in light of their knowledge of the food and beverage market through their existing investments.
“We are ideally positioned to benefit from positive market trends and current consumer tastes and, with a good level of visibility over our existing contracts, as well as a strong pipeline of new growth opportunities, we are confident of building on the strong momentum we have generated to date.”
The investment from Livingbridge, will help rhubarb’s continued growth across the UK and internationally with the overall aim of doubling in size in the next four years. The company currently has offices in London and Surrey and employs 248 full time members of staff alongside over 900 temporary staff.
In addition, Richard Prosser, who has private equity expertise within the global leisure, travel and tourism industries, will be joining as Chairman on completion of the deal.
Benoit Broch, director at Livingbridge, added: “rhubarb’s management team have done a fantastic job in growing the business over recent years, securing a number of high profile contracts and creating a premium, differentiated brand that is highly valued by consumers and businesses alike.
“The company have long-term contracts at some fantastic locations and a strong pipeline of future growth opportunities and we are very much looking forward to helping them expand their offering both throughout the UK and overseas.”
Rhubarb operates long-term contracts at venues including the Sky Garden at the ‘Walkie Talkie’ building in London, the Royal Albert Hall, as well as events at the Goodwood Estate. In addition, it provides catering at around 600 events per year across a range of clients, from charity galas to intimate dinners.