Famous Brands acquires Europa‚ Fego

The Europa and Fego Caffé network currently comprises 31 and 27 restaurants respectively.

The effective date of the transaction is 1 December 2012. The acquisition consideration is not material‚ and will be funded via short-term debt repayable over two years.

"This acquisition of Europa and Fego Caffé fits well with our strategy to acquire best-in-class brands which fill gaps in the Group´s repertoire and serve to establish a presence in market segments where we currently have limited‚ or no representation‚" said Famous Brands CEO Kevin Hedderwick.

"We have previously advised the market that a key priority for Famous Brands will be to enter the family casual dining sector‚ and are therefore delighted to have acquired the pedigreed Europa business‚ which enjoys a well-entrenched reputation in this space‚" he added.

He said the group planned to grow these brands nationally - their current presence is fairly limited and confined to certain geographical regions‚ which offers significant upside to expand the footprint nationwide.

"Over the forthcoming five-year period‚ we envisage growing the network to a national footprint comprising of 50 restaurants each‚" he said.