From the Press Release:
Centrum Capital Ltd. today announced that it has successfully raised close to 10 million dollars for Olive Bar and Kitchen Pvt. Ltd. The fund raised will be used to expand their presence across the globe.
Centrum Capital Ltd. acted as the sole financial advisor to Olive Bar and Kitchen Pvt. Ltd. (“Olive”) and has successfully raised an undisclosed amount of private equity capital from Aditya Birla Private Equity.
Established in the year 2000, Olive has pioneered the casual fine dining segment in India with its flagship “Olive” brand. Promoted by renowned restaurateur Mr. A D Singh, Olive operates a chain of boutique casual fine dining restaurants straddling multiple genres, a high profile night club, and a niche catering business across Mumbai, Delhi and Bangalore. Olive’s portfolio of brands include “Olive”, “Monkey Bar”, “LAP”, “Ai”, and “Soul Fry”. With the current fund raise, the company plans to drive growth through a multi-pronged strategy which involves expansion of existing formats in new geographies and introduction of new concepts that are scalable.
Mr. A D Singh, Managing Director, Olive added, “Riding on the success story of the first decade, the company has geared up to expand the existing formats and recently launched two new formats i.e. gastro pubs and bistros. We intend to leverage our brand equity created over the years to expand the reach of existing formats and launch new formats, which are independently scalable models, while extending the brand values and experience of the brand ‘Olive’ in order to expand our presence across formats and geographies.
Existing investors in Olive include Mr. Chandir Gidwani who is the Promoter of the Centrum Group, which is a diversified financial services business and Mr. Manmohan Shetty who is credited with the setting up and flourishing of Adlabs Films Ltd, one of India's largest media and entertainment firms. Mr. Shetty has currently founded Walkwater Media Ltd., a media company covering the myriad aspects of media and entertainment.
“Olive is one of the country’s most respected and sought after brands in the hospitality / restaurant industry and significant interest was generated in this transaction, given the buoyancy and maturing of the India consumption story” said Mr. Samir Bahl who heads the Investment Banking team at Centrum Capital.