The Cheesecake Shop sold to Australia-based investment firm River Capital

PAG Asia Capital owned the business for about five years.

The Cheesecake Shop (TCS) has been sold to new owners.

Australia-based investment firm River Capital has entered into an agreement to acquire the retail cake business from PAG Asia Capital.

Specific details of the transaction were not disclosed.

“Firstly, River Capital would like to thank PAG for leaving the TCS business in excellent shape, with a strong brand, stable management team and successful franchisees,” the investment firm said in a statement sent by Josh Ludski, manager – direct investment at River Capital to QSR Media.

TCS currently has over 220 stores across Australia and New Zealand, with its current management team “committed to the next chapter of the TCS journey and have retained a shareholding in the business, ensuring a smooth transition and continuity of operations.”

“River Capital and management are committed first and foremost to the long term success of TCS franchisees, and are excited about supporting franchisees to achieve their long term ambitions. As an investor in franchise businesses globally, River Capital has seen first hand the positive impact that successful franchise systems can have on the lives of franchisees. TCS has demonstrated this impact over 30 years,” the statement added.
 
Ludski, fellow River Capital executive Jim Craig, alongside ex-Domino’s Pizza executive Andrew Rennie, will join TCS’ board. Complimentary acquisitions are also eyed to grow the business.

PAG was advised by Intrinsic Partners, Ernst & Young and Corrs Chambers Westgarth, whilst Pitcher Partners and Gilbert & Tobin advised River Capital.