Superchef entrepreneur Jamie Oliver wants to raise cash from investors
I'm among millions who can thank Jamie Oliver (right) for a few of the extra inches around the girth. One of the 39 year old celebrity chef's recipe books has a permanent place in our kitchen – and has been used to terribly good effect over the years. Now the super-wealthy super-chef is taking a big jump – readying himself to bring investors into his rapidly expanding empire. Another triumph for passion and persistence. – AH
By Pamela Barbaglia and Freya Berry
LONDON, Dec 12 (Reuters) – British celebrity chef Jamie Oliver is looking to outside investors to help expand his growing network of Italian restaurants and to fund an online TV project, sources familiar with the situation said.
Oliver, who has amassed a fortune of 240 million pounds ($377 million) according to the Sunday Times Rich List, could raise funds early next year to support his media initiatives.
The sale of a minority stake in Oliver's media interests would be the prelude to a larger investment in Oliver's Italian restaurant chain in around 12 months, the sources said.
A representative for Oliver declined to comment.
The restaurant business has revenues of 110 million pounds with core earnings of around 14 million pounds, the sources said.
"Jamie has been conducting an internal review for some time. The first step is to sell a minority stake within his media business," one of the sources said, cautioning that a formal process has yet to start and no banks have been mandated to advise on it.
RIGHT INGREDIENTS
But Oliver wants to continue growing his newest brand, Jamie's Italian Trattoria, aimed at smaller towns and London suburbs, before picking an investor, one of the sources said. The cheaper and more rustic version of Jamie's Italian restaurant format could take up to 18 months to make a wider push in Britain, he said.
Oliver is also seeking to grow his YouTube channel Food Tube which has 1.17 million subscribers.
A number of private equity firms are making regular calls to the 39-year-old chef to track the financial performance of his restaurant empire, which has the ingredients for a leveraged buyout with a growing revenue stream and low capital expenditure on the back of franchise deals overseas, the sources said.
Oliver, who has inspired chefs across Britain and has campaigned to improve standards of school canteen food, could become the latest food entrepreneur to rely on private equity money to fund growth.
In November Prezzo, the Italian restaurant chain, sold to U.S. private equity firm TPG for 304 million pounds.