India Resurgence Fund, an India-focused investment platform driven by Piramal Enterprises Limited and Bain Capital, announced an investment of Rs 550 crore in top food and beverage companies and Social, Smoke House Deli operator Impresario Entertainment and Hospitality Private Limited. After the transaction, IndiaRF became the majority shareholder of Impresario.

On June 10, 2022, Moneycontrol first reported that L Catterton’s Asian arm was seeking to relinquish control of Impresario Entertainment & Hospitality Pvt Ltd. The report added that the Piramal-Bain Capital fund is in talks to acquire a majority stake.

The official press release states: “The new capital will help drive further expansion of the business of Impresario, which received investment from L Catterton in 2017 and has shown resilience over the years despite the increased challenges posed by the COVID-19 pandemic.”

Impresario’s largest brand, SOCIAL, has 35 stores and is a popular place for guests to mingle and socialise. The company’s other popular brands, Smoke House Deli, Mocha, Slink & Bardot, and Salt Water Café, offer contemporary formal and casual settings for friends and family.

Impresario plans to double its store count as the Indian food and beverage market becomes more structured, with teens expected to grow in the next few years. To serve China’s emerging middle class, as well as millennial and Gen Z consumers, who dine out more frequently and seek fresh and engaging experiences as the market grows, the company will expand its geographic footprint from the current 17 cities to 30 Multiple cities as part of its expansion plan; this version adds even more content.

Commenting on the investment, Shantanu Nalavadi, Managing Director, IndiaRF said, “IndiaRF is delighted to partner with Impresario, which has built a profitable business and concept with a strong brand, professional team and a culture that keeps the company agile. “We plan to partner with and strengthen the management team’s efforts by leveraging our deep operational engagement across multiple divisions. We believe that the next decade will present significant opportunities for Impresario.” Lodha Capital Markets acted as the transaction’s exclusive financial advisor to L Catterton and Impresario.