SALT BAE/BLOOMBERG
The owners of the Nusr-Et steakhouse, known by its founder Chef’s meme Salt Bae, are considering selling a stake in the business, reported Bloomberg.
Turkish billionaire Ferit Sahenk and co-founders Nusret Gokce and Mithat Erdem, may sell a combined stake or an individual holding to one or a group of investors.
Founded in 2010 in Istanbul by Turkish butcher Gokce, Nusr-Et also operates steakhouses and burger joints in New York, Miami as well as Dubai and the Greek island of Mykonos. Gokce and Erdem hold a combined 49 per cent in the restaurant chain, while Sahenk’s D.ream Group or Dogus Restaurants Entertainment & Management, holds the rest.
Dogus struggled to repay foreign-exchange loans after the lira plunged in value. The group restructured around $2.5 billion of debt in December 2018 and has been selling stakes in hotels and restaurants as part of the renegotiated agreement. It could dispose of investments worth as much as EUR 800 million ($882 million), said Sahenk.
The company had earnings before interest, tax, depreciation and amortisation of about $70 million this year.
Dogus Holding was considering spinning off some of his D.ream restaurant business in a potential initial public offering in London. The restaurant has the franchise of Japanese restaurant Zuma, Coya and El Paraguas brands.
Dogus Holding sold 17 per cent of D.ream International to Singapore’s state-owned investment firm Temasek and London-based private equity firm Metric Capital Partners for $200 million in 2018.
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