McWin Capital Partners and TriSpan have entered exclusive negotiations to acquire a significant stake in Flat Iron, a UK-based affordable steakhouse chain, according to Sky News.

If successful, the deal is expected to close within the next month. Sources indicate McWin, which already backs hospitality brands including Sticks’n’Sushi, Big Mamma, and Gail’s, will likely take the largest economic interest in the transaction.

Flat Iron, founded in 2012 as a pop-up in Shoreditch, has grown into an 18-site restaurant group with locations primarily in London and regional outposts in Cambridge, Leeds, and Manchester. The company has delivered strong financial performance, with sales up 38% to £49.6m in the 12 months to August 2024, and underlying profits rising from £3.8m to £5.7m.

Flat Iron previously appointed Houlihan Lokey in October 2024 to explore strategic options, including a potential sale. The company aims to open four to five new sites annually as part of its expansion plan.

The deal underscores private equity’s ongoing interest in fast-growing, scalable restaurant brands with strong unit economics. If completed, the acquisition would further strengthen McWin’s presence in the casual dining sector and align with TriSpan’s investment focus on growth-stage hospitality businesses.

Source: Restaurant Online

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