UK food group Azzurri has bought a controlling interest in the Belfast headquartered Mexican theme casual restaurant chain, Boojum, from private equity firm Renatus Capital Partners.
Financial details of the deal and the proportion of the shareholding involved have not been disclosed.
Boojum was founded in 2007 by brothers David and Andrew Maxwell and over the following eight years grew to five restaurants.
It was then acquired in a management buy-in by Renatus alongside the Maxwell brothers.
In the interim, the business has grown to fourteen locations with restaurants spread across Dublin, Belfast, Cork and Galway.
The company currently employs around 500 staff.
"This announcement is a hugely exciting development for Boojum, and testament to the transformation the business has undergone since partnering with Renatus Capital Partners in 2015," said David Maxwell, Managing Director of Boojum.
"They've been excellent partners to me and the wider management team since the start and have backed the management team at every stage."
"We are looking forward to continuing our journey with the Azzurri Group as we look to expand across the Irish Sea."
Azzuri is one of the UK’s largest and most successful casual dining businesses, which operates the Italian food brands Zizzi and ASK Italian.
It has over 200 restaurants and shops and employs 5,500 people.
"Boojum is a very strong business, with devoted customers and an exceptionally talented team," said Steve Holmes, CEO of Azzurri Group.
"It is a really good fit for Azzurri as the business will add a new dimension to our portfolio given it offers a different cuisine, a different occasion and serves a younger demographic."
It is understood that David Maxwell will remain with Boojum as it plots an expansion into the UK.
"We are delighted to have worked closely with Boojum over the past 8 years as it was grown from 5 to 14 locations across the island of Ireland," said Brendan Traynor, co-founder and Director of Renatus Capital Partners.
"Boojum is a trailblazing brand, and this transaction marks another exciting milestone is the company’s growth trajectory."
