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Wagamama is a UK based restaurant chain, serving pan Asian food inspired by Japanese cuisine from 133 company owned restaurants, of which 5 are in the US. It has 49 franchised restaurants in the rest of Europe, Middle East and New Zealand. It competes in the fast growing branded casual dining segment. It was created in 1992 by Alan Yau, who went on to create Hakkasan and Yauatcha in London and competed at a lower, more value price point than was typical at that time in the sit-down space. Its focus is fresh food with a seasonal menu, served as soon as it is ready, thereby reducing sitting time. Seating arrangements are typically benches with large tables where up to 20 people can sit. It has promoted the concept of kaizen ie constant change throughout its operations to optimise operating practices. In 2005, its then owner Graphite Capital sold a majority stake of 77.5% to Lion Capital for £103 mn. In 2011, it was sold to Duke Street Capital for £215 mn approx. Wagamama is 42%-owned by Duke Street, 27% by Hutton Collins, management own 19.5% and institutions own 11.6%. (24 Oct 2018)

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IG European Consumer: 2019 Outlook Opinion Changes

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Worth Watching: 12 Nov 2018, 6:11 AM ET - Wagamama (B/B2) where we have a Hold recommendation today issued a meagre trading update that coincides with The Restaurant Group (TRG), the prospective new owner, announcing financing plans for the takeover announced on October 30th. Firstly, t ..

Wagamama: Take Out

Worth Watching: 30 Oct 2018, 2:19 PM ET - Wagamama where we have a Hold recommendation, was confirmed today to be a target for The Restaurant Group (TRG) for £357 mn for the equity or an EV of £559 mn. This represents a  multiple of 11.9x Adjusted LTM EBITDA at 1Q18/19 (pre-synergies to 1 ..

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Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

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Transcript: 27 Jun 2018, 9:20 PM ET - In this article, we transcribe our HY Food & Dining presentation for CreditSights' 2018 Euro High Yield Conference in which we looked at the underlying fundamentals of a highly idiosyncratic space.

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Worth Watching: 20 Mar 2018, 12:42 PM ET - Wagamama possibly called a top to the UK casual dining market when it refinanced its 7.875% bonds of 2020 with its new 4.125% bonds of 2022 in June 2017 and took £60.7 mn out of the company as part of the new deal. At a micro level, the sponsor co ..

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