May 12, 2014
Interviewed by: David Snow
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Bogotá’s Favorite Restaurant: Backed by PE

The private equity owner of Colombia’s best-known restaurant, Andres Carne de Res, describes the strategy for growth.

The private equity owner of Colombia’s best-known restaurant, Andres Carne de Res, describes the strategy for growth.

Bogotá’s Favorite Restaurant: Backed by PE

With Patricio D’Apice of MAS Equity Partners and ColCapital

David Snow, Privcap: Today, we’re joined by Patricio D’Apice of MAS Equity Partners.  Patricio, welcome to Privcap. Thanks for being here.

Patricio D’Apice, MAS Equity and ColCapital: Thank you.

Snow: Can you think of a good example of a deal you’ve done recently where it was clear that the company benefited not only from your money, but from the strategic guidance your firm was able to bring to the investment?

D’Apice: It’s called Andres Carne de Res, which is very well known.

Snow: I ate there yesterday.

D’Apice: How was it?

Snow: It was delicious, thank you.

D’Apice:  There you can see how we helped the company to evolve into something totally different. That kind of restaurant, six or seven years ago, was on the outskirts of Bogotá and it was owned and managed by its owner, a person who never dreamed of expanding or creating the sort of franchise that can be exported to other countries or other regions. We helped the management to complement the management team with professional management, to create concepts that can be replicated in other regions or cities or under different formats and, of course, to improve the corporate governance and all the operations of the company to make it profitable for anyone, not only the founder. You can see the transformation of Andres Carne de Res from an outskirts or rural restaurant to a whole entertainment experience that can be adaptive to different cities or contexts.

Snow: Who would be a natural buyer for that? What is the time horizon?

D’Apice: This is a very special case because it’s such a well-known and sexy brand name that anyone wants to be a partner or shareholder in Andres Carnes de Res, at least if that lets them be able to have a table or a reservation because it’s very difficult. So, there are many people interested in Andres. In the end, it will be a strategic buyer, a company or group of people that are in the restaurant business and want to expand their footprint. And that has been the case for most of our companies. We made eight investments and divested five so far; the five investments divested were through private sales.

 

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