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Beloved Aussie chicken chain El Jannah acquired by US firm in billion-dollar deal
Itâs the Aussie success story that started with a single charcoal chicken shop in Sydneyâs west and grew into a beloved culinary institution.
Now, El Jannah, the Lebanese chicken chain famous for its garlic sauce, has reportedly been acquired by a New York private equity firm in a blockbuster deal valued at close to $1bn, according to The Financial Review.
The acquisition by General Atlantic â best known in Australia for its investment in aged and disability care platform Mable â signals a major push for the homegrown hero, with ambitious plans to expand its commercial property footprint across the nation and take on fast-food heavyweights like KFC and Red Rooster.
Winner winner! Offshore PE comes for cult chicken chain El Jannah
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A New York-headquartered private equity firm is set to take the keys at El Jannah, the Lebanese charcoal chicken chain founded almost three decades ago in Sydney’s western suburbs, following a fiercely-contested auction.
People briefed on the transaction, who requested anonymity, said General Atlantic, best known in Australia for its investment in aged and disability care platform Mable, had acquired the business for a sale price of almost $1 billion.
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Some investment bankers are mutinous after the unprecedented way an executive director exited the business this week.
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$1b El Jannah deal; Accounting scandal deepens; Goldman mansion sells
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In today’s news, private equity comes for chicken chain El Jannah, Corporate Travel delays results as its accounting scandal deepens, and a Goldman Sachs kingpin snags a premium mansion buyer.
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