Baker McKenzie Advises L’Osteria Group on Refinancing and Acquisition Financing

Baker McKenzie advised the L'Osteria Group on a refinancing and acquisition financing. The financing structure included a refinancing facility, an acquisition facility and an incremental facility to facilitate the M&A strategy of L'Osteria. The financing was arranged and provided by a consortium of six banks.

The new financing sets the basis for the future growth of L'Osteria, one of the leading German casual dining chains, including the recently signed acquisition of Pizza Pilgrims, a British restaurant brand with currently over 25 locations in the UK. Since 2023, L'Osteria has been a part of the McWane brand portfolio.

Banking & Finance Partner Matthias Töke, who was in charge of the transaction, commented as follows:

"The reorganization of the debt capital structure now enables the L'Osteria Group to continue to fully pursue its corporate goals under the best possible financing conditions. We are not only pleased to have advised our client on the best possible capital setup, but to work together with McLin and L'Osteria teams that demonstrate passion, engagement and a commercial mindset the same way as we do."

The L'Osteria Group is a German restaurant brand that offers Italian cuisine. It was founded in Nuremberg in 1999. The company operates over 200 restaurants in 10 European countries, divided into independent operations, joint ventures and franchises. The concept emphasizes fresh Italian dishes, large portions at fair prices and a cozy atmosphere in spacious rooms.

Jürgen Wallmann, CFO of L'Osteria Group, commented:

"This expanded financing is another important milestone on our journey to becoming the 'European Champion in Casual Dining'. We have secured attractive terms, expanded our financial scope, and optimised the content of our contracts. The funds will primarily be used to further expand our Italian brand portfolio and to drive the organic growth of our existing brands L'Osteria and Pizza Pilgrims. I would like to express my sincere gratitude to our banks for their loyalty and trust in our company, and to all the consultants involved. Baker McKenzie has substantially contributed to this success by setting up and negotiating a legal documentation with strong commercial mindset and determination."

Baker McKenzie's Banking & Finance Practice Group in Germany regularly advises private equity sponsors and corporates on complex domestic and cross-border M&A financing transactions. These include leveraged buy-outs, senior and senior/super senior structures (including first-out/second-out), first-lien/second-lien structures, vendor loans, PIK/HoldCo loans and forms of mezzanine financing as well as hybrid debt/equity financing structures.

Legal adviser to the L'Osteria Group:
Baker McKenzie

Lead:

Banking & Finance:Matthias Töke (Partner, Frankfurt)

Team:

Banking & Finance:Kieran Verdano (Associate, Frankfurt)