Spur Corporation Ltd., the owner of Spur restaurants, has acquired a 60% stake in Doppio Group to strengthen its position in the daytime speciality dining and coffee markets.
- The deal will help Spur gain a stronger presence in the daytime dining and coffee speciality markets.
- Doppio Group generated over R600 million in total sales in the financial period to February 2023.
- Doppio holds a portfolio of 37 franchised and company-owned restaurants, including Doppio Zero, Piza e Vino and Modern Tailors.
- The acquisition will allow Spur to nearly double its speciality portfolio and substantially increase its share of the daytime speciality dining market.
- The deal will see Spur acquire 669 employees from Doppio, while cofounders Paul Christie and Miki Milovanovic will continue as executives for at least five years.
- The acquisition presents an opportunity for the national expansion of Doppio Group’s restaurants, which currently have a stronger presence in Gauteng.
- Should the transaction meet all conditions and receive the green light from competition authorities, it will take effect on 1 September 2023.