Liberum acts as Nominated Adviser and Sole Broker on the AIM IPO of Tortilla Mexican Grill Plc raising £28m
We are pleased to announce that Liberum has successfully raised £28.0 million in connection with the AIM IPO of Tortilla. The shares were admitted to trading today, 8 October 2021.
Tortilla Mexican Grill Plc (“Tortilla” or the “Group”) is the UK’s largest and most successful fast-casual Mexican restaurant. The Group offers a high quality, affordable and freshly prepared California-style Mexican menu comprising high quality, fresh and customisable products including burritos, tacos and salads. The Group operates through a multichannel order strategy, offering customers dine in, self-serve, take away, click and collect and delivery options. Its leading customer proposition is accessible to customers through Tortilla’s 62-strong restaurant estate, comprising 50 owned and 12 franchised locations across the UK and Middle East, as well as through an exclusive nationwide partnership with Deliveroo and its growing estate of cloud kitchens.
On Admission, the market capitalisation of the Group was approximately £70.0 million.
The successful raise of approximately £28.0 million (the “Placing”) attracted strong support from high-quality institutional investors and was comfortably over-subscribed. The Placing included raising gross proceeds of £23.0 million for the selling shareholders. On Admission, Quilvest, the Group’s private-equity backer, will own approximately 20.4 per cent. of the Group and the Board will own approximately 12.3 per cent. of Tortilla.
The Placing also raised gross proceeds of £5.0 million for the Group. The net proceeds of the Placing will be used by the Group to accelerate its growth plans and execute on strategic opportunities in line with its long-term growth strategy. This includes accelerating the UK rollout, developing and executing on scalable franchise opportunities, expanding its cloud kitchen portfolio and other strategic initiatives. It will also provide access to capital should additional financing be required in the future to further expand the business.
Liberum acted as Nominated Adviser and Broker on the IPO, and is retained as NOMAD and Sole Broker to the Company post Admission.
Investment Banking – Andrew Godber, Edward Thomas, Nikhil Varghese, Chris Whitaker, Anthony Schia
Sales– Oliver Baxendale, Julian Collett, Jamie Vickers, Chris Cooper, Gabriella Crowley, Alistair Smallwood
Research – Anna Barnfather, Andrew Wilkinson
Legal – Alice Foster
CIR – Marcio Remedios
Settlement – Rob Simpson, Mark Proctor
Sales Trading – Mark O’Hara