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SA quick service & casual dining companies have done some of the worst M&A deals in recent times. To be fair, the restaurant business is challenging in itself.

Sometimes arrogant, sometimes unlucky... but always overpaying. Here's how bad deals ruin great businesses [Thread]
Famous Brands is an empire. Their leading brands include Steers, Debonairs, Wimpy, Milky Lane, Mugg & Bean. Signature brands include Tashas.

In 2016, Famous Brands bought a British chain, GBK (Gourmet Burger Kitchen) for R2.3bn.

They funded this acquisition through debt.
Thesis was simple. SA is challenging, let's diversify & hedge our earnings through offshore exposure.

At the time, offshore acquisitions were the HOT trend for SA companies. M&A bankers were constantly looking for cross-border deals. We never slept.

Excerpts from investor pack:
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