El Jannah sounds out buyers | Waiting game at CMAX | Canaccord beefs up TMT coverage

Good evening,

El Jannah, the cult charcoal chicken chain that has expanded out of Sydney’s west and into dozens of suburbs around the country, is sounding out private equity interest as it considers whether to put itself on the auction block.

While the company has not engaged advisers to kick-start a formal sales process, chief executive Brett Houldin has spoken to potential bidders on behalf of El Jannah’s owner, businessman Andre Estephan.

Houldin was previously the chief executive of Craveable Brands, the private equity-owned operator of Oporto, Red Rooster and Chargrill Charlie’s.

Investment bankers hoping to land a gig advising the company are telling private equity firms to consider El Jannah a potential deal this year. While it is early days, bankers can sniff a sale in the hot fast-food sector all the way from Mosman and are trying to get a jump start by lining up buyers. Morgan Stanley is understood to be particularly keen, sources said.

Read the full story tomorrow and more on the Street Talk page.

Street Talk understands mid-market private equity firms are girding their loins to bid for Blackstone’s ACCC-ordered divestment of Adelaide’s CMAX Clinical Research.

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