Green Lantern Considers Investment in Kisu Restaurant Chain
Translated & summarized from Globes by baba
The story in 5 lines · by baba
- Green Lantern is considering investing in Kisu for 300-330 million shekels.
- The investment would replace Kisu's planned initial public offering.
- Kisu operates eight Asian restaurants and plans to expand.
- The deal is expected to be an exit for Kisu's founders.
- Delivery services accounted for 41% of Kisu's revenue last year.
Investment fund Green Lantern, led by Richie Hunter, is exploring an investment in the Asian restaurant chain Kisu, managed by Adi Englander. These discussions are based on a non-binding proposal, and no definitive agreement has been reached.
Green Lantern has previously considered investing in Kisu, as its leaders believe in investing in the food and restaurant sectors. However, a prior private investment did not materialize, and the valuation expected for an IPO is considered unrealistic. Green Lantern is not expected to agree to the approximately 330 million shekel valuation sought by Kisu's owners for an IPO. Therefore, if a deal is reached, it is cautiously estimated to be at a lower valuation, ranging between 300 and 330 million shekels.
Kisu operates a chain of Asian restaurants, specializing in Chinese, Thai, Japanese, Indian, and Vietnamese cuisine. Founded in 2011 by Rotem Techan and Noam Gabai, the chain currently runs eight restaurants in central Israel and is planning to open three more. The company's IPO, led by Discount Capital Underwriting, was intended to raise 43 million shekels, with founders Techan and Gabai retaining significant shares. CEO Adi Englander and VP of Operations Doron Gat each hold approximately 5% of the company's shares.
According to Kisu's prospectus, about 41% of its revenue last year came from deliveries. The average revenue per diner was approximately 150 shekels. The potential deal with Green Lantern is expected to represent an exit for the founders, Techan and Gabai.
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