Gresham House Ventures has sold its majority stake in Pho, the Vietnamese restaurant group, to TriSpan, via its dedicated restaurant fund, Rising Stars, for an undisclosed figure.
Pho's portfolio currently includes 30 restaurants, and three cloud kitchens (delivery-only sites).
Stephen and Juliette Wall, who founded Pho in 2005, will remain in executive roles to help support the growth plan, alongside director of operations Ewan McDonald and marketing director Libby Andrews.
The Wall's commented, 'After an extremely challenging 18 months, during which time the superhuman efforts of our team and support of our landlords have helped us to weather the pandemic, it's fantastic to receive this vote of confidence in Pho.
'Gresham House have been wonderful partners and we now look forward to working with Robin and the TriSpan team as we get back to what we do best, with Pat stepping up and leading the charge as managing director along with Ewan, Libby and the rest of our team.'
Former finance director Patrick Marrinan will lead the group as managing director in its next phase of growth, supported by TriSpan and the board.
Marrinan stated, 'It's a real honour to lead the company through the next phase of growth and, while this deal means we have to say goodbye to a great partner in Gresham House, we are delighted to be welcoming Robin and TriSpan to the Pho team.
'I look forward to continuing Pho's exciting journey alongside our outstanding management team, with the continued support of Stephen and Jules.'
Robin Rowland, TriSpan European operating partner, will chair the board, with current chairman Steve Hill remaining on the board as a non-executive director.
Rowland said, 'I am looking forward to working alongside Patrick, the founders, Pho's proven management team and strong board to continue the evolution of this ‘honest-to-its-roots' brand, delivering authentic, fresh and exciting Vietnamese cuisine.'
Commenting on the opportunity to support Pho, TriSpan partners Fady Michel Abouchalache and Joseph-Patrick Dib said: “Pho is a brand and a business that we have admired for a long time. We are therefore very proud to have been given the opportunity to partner with the founders and this exceptional management team on the next journey of growth.
'We are very excited at the prospect of bringing more Pho restaurants to customers in the UK and beyond. This investment is another testament to TriSpan’s commitment to the sector, especially in the face of the difficult 18 months we have witnessed in the UK and globally.”
This will be Rising Stars' eighth investment and its third in the UK, following investments in Rosa's Thai Cafe and Thunderbird Fried Chicken.
The goal of the Fund is to become one of the sector’s leading strategic F&B partners that provides true value-add to restaurant founders and management with the help of its in-house senior Operating Partners.
Collectively, the Partners of TriSpan have invested in more than 20 restaurant groups globally.