Latham and CMS steer PE investment in £300m Dishoom

Latham and CMS have advised on US PE firm L Catterton’s investment in high-end Indian restaurant group Dishoom - the first outside investment in the brand since its launch in 2010.

The deal, which according to reports values Dishoom at around £300 million, will support the group’s domestic operations and fund expansion into new markets, including the US, where its first New York site is set to open in 2026. L Catterton is backed by LVMH and the family office of the luxury goods giant's boss Bernard Arnault.

Founded in Covent Garden 15 years ago, Dishoom has grown to 10 restaurants across the UK and several others under the Permit Room brand. The company's most recent public financials showed revenue of £116 million.

Advising

Latham & Watkins advised long-time client L Catterton, with a cross-practice London team led by corporate partners Linzi Thomas, Jon Fox and Tom Evans. Partners Dominic Newcomb and Hendrik Smit advised on the financing.

CMS acted for Dishoom, fielding a team led by leisure head David Roberts and corporate partner Nick Crosbie, alongside recently-appointed partner Stephen Kilshaw, who advised the company's management. Finance partner Tom Hughes supported Dishoom on the new financing to be put in place as part of the deal.

What they said

David Roberts, CMS partner and head of leisure, said: "Dishoom is perhaps the most highly regarded restaurant business in the country and the management team probably the most revered. Everything about Dishoom is best in class and it was such a pleasure to work for all the team."

Dishoom’s co-founders, Shamil and Kavi Thakrar, said CMS was a "clear choice" when they decided to seek a partner for the business, adding "Their restaurant client base and sell side experience in the leisure sector is unrivalled".