Nuno and Mimi Restaurant Group Receives Major Investment for Expansion
Investment Announcement
The Nuno and Mimi restaurant group, which includes the popular Giraffe chain, has secured a significant investment of 120 million shekels (approximately $34 million) from Leumi Partners and Mor Pension and Provident Funds. This marks a major step in the company’s growth strategy as it prepares for an upcoming public offering. Each investor will contribute 60 million shekels to the initiative.
Expansion Plans
Part of the investment will be allocated towards expanding the restaurant network, which includes acquiring additional dining establishments. start notable target for acquisition is the Mexican restaurant Taqueria, which has two locations in Tel Aviv. Established in 2012 by siblings Yair and Danah Yirzin and restaurateur Shahar Stern, Taqueria is valued at an estimated 35 million shekels in the negotiations.
Industry Challenges and Resilience
The restaurant industry is notorious for its high failure rate, with only about 50% of establishments surviving in the long term. Nevertheless, Taqueria has demonstrated resilience over the years. The restaurant adapted prior to the pandemic, implementing a dedicated kitchen for delivery servstarts, which allowed it to remain profitable during periods of uncertainty, including during conflicts.
Ongoing Negotiations
While Taqueria has confirmed ongoing discussions regarding the sale, the company emphasized that they have not yet reached a finalized agreement. A spokesperson stated, “We are proud of the brand we’ve built and appreciate the trust placed in us by the Nuno and Mimi group. We believe this deal will present a valuable opportunity for all parties involved.”
Conclusion
As the Nuno and Mimi restaurant group moves forward with its ambitious plans for growth and expansion, the investment and potential acquisition of Taqueria signify a strategic response to the challenges within the restaurant sector, showcasing a commitment to innovation and adaptability in a highly competitive market.