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Intermediate Capital Group backs the management-led buyout of Gaucho Group

18 12 2007

Intermediate Capital Group PLC (“ICG”) is delighted to announce that it has invested minority equity
and mezzanine capital to support Zeev Godik and the management team in acquiring Gaucho Group
Limited (“Gaucho” or the “Company”) from Phoenix Equity Partners.  Gaucho is the leading UK-based
operator of Argentine restaurants.  The terms of the acquisition are not disclosed.
 
Zeev Godik, the group’s Chief Executive, and the other senior members of the management team are
reinvesting a substantial portion of their equity holding in the new company to acquire a majority
stake.  Stephen Gee will remain as Chairman and Andy Bassadone, formerly of Strada and Signature
Restaurants, will join the Board as a Non-Executive Director.
 
Zeev Godik said: “This is a very exciting time for Gaucho and everyone involved in the Company.  We
have transformed the business and have created an immensely successful single brand, offering a
high-quality dining experience to a broad customer base.  We have delivered impressive growth in
turnover and profits over the period and have a clearly defined strategy for future growth.”
 
“Management are committed to the future of the business.  We have very much enjoyed working with
Phoenix Equity Partners and are grateful for their support during this period of continued organic
growth, the investment in three new restaurants and the development of a strong pipeline.  We now
look forward to working closely with our new partner, ICG, in building the brand further and growing
the restaurant network.”
 
Francois de Mitry, a Managing Director at ICG, said: “Zeev and the management team have an
outstanding track record and we are very pleased to be supporting them through the next phase of
the Company’s growth.”
 
David Burns, a partner at Phoenix Equity Partners, said ; “Gaucho is a wonderful entrepreneurial
success story.  We are delighted to have been able to support a phase of its long term success and
the rollout of a great brand concept.” 
 
Management and Phoenix Equity Partners were advised by Hawkpoint.  ICG was advised by
PricewaterhouseCoopers and Latham & Watkins.  Debt facilities have been provided by Lloyds TSB
Bank and The Royal Bank of Scotland.
 
 
Gaucho Group Limited
Charlie McLean, Finance Director
 
Intermediate Capital Group PLC
Janine Peake, Head of Investor Relations    (020) 7628 9898
 
Brunswick Group Limited     
Helen Barnes/Teresa Bianchi    (020) 7404 5959


Further information on the companies:
 
Gaucho Group Limited
Gaucho is the leading UK-based operator of Argentine restaurants.  Gaucho’s high quality concept
offers award winning Argentine cuisine with exceptional service.  It has a portfolio of 11 restaurants,
with three further restaurants expected to be opened by the end of 2008.
 
Intermediate Capital Group PLC
Founded in 1989 and quoted on the London Stock Exchange, Intermediate Capital Group PLC is a
leading independent investor in mezzanine finance and minority investments alongside management
teams.  It is also a leading third party Fund Manager with over €11 billion under management.  ICG
has 55 executives with its head office in London and further offices across Europe, Asia Pacific and
the US.  Since inception, it has invested more €12 billion in mezzanine and equity in over 300
transactions.  Further information at www.icgplc.com
 
Phoenix Equity Partners
Phoenix is a leading UK mid-market private equity investor owned by its executive team.  Phoenix’s
investment focus is on UK private businesses valued at up to £200 million.  Recent Phoenix
transactions include the sale of Radley, the UK’s leading handbag and women’s accessories brand,
and the acquisitions of Able & Cole and Musto.

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