Private equity firm takes majority stake in Popeyes

11th January 2024 | Jack Oliver

Private equity investment firm TDR Capital has taken a majority stake in quick-service restaurant (QSR) brand Popeyes.

TDR – which made its first investment into the restaurant operator in August – has increased its shareholding in Popeyes to take effective control from dual investor Ring International Holdings, which remains invested on a minority basis.

TDR Capital invests in a number of retailers, food and beverage, and leisure operators in the UK, including Asda, Stonegate Pub Company, Pizza Express, David Lloyd Leisure, and EG Group.

Popeyes currently operates 38 locations across the UK, with plans to open a further 30 restaurants in 2024 after seeing strong growth over the last three years.

Tom Mitchell, managing partner at TDR Capital said: “Popeyes UK is performing very well and already demonstrating significant growth potential.  We are therefore pleased to be increasing our investment in the brand and the UK team which is in line with our broader strategic ambitions in the sector.”

Tom Crowley, CEO at Popeyes UK added: “TDR Capital has demonstrated already why it is one of the leading private equity investors and we are thrilled to be working more closely with them as we roll out the Popeyes brand. We thank Ring International Holdings for all its support and investment during the start up phase of our business.”


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