Press Release

Deal announcement - AlixPartners advises restaurant group Pho on successful sale of a significant majority stake in its business

August 3, 2021

LONDON (3 August, 2021) – AlixPartners, the global consulting firm, has advised leading Vietnamese street food restaurant group, Pho, on the successful sale of a significant majority stake in its business to Rising Stars, a dedicated restaurant fund run by TriSpan, the global private equity firm.

The transaction will help to drive further growth across the restaurant group, as it plans to open a branch in Lincoln (UK) in the late Summer of 2021 and is actively reviewing other expansion opportunities, as the UK emerges from the pandemic.

The founders and management will maintain a significant interest in the company with Patrick Marrinan, the former Finance Director, leading the group as Managing Director in its next phase of growth, supported by TriSpan and the board. Stephen and Juliette Wall, founders of Pho, will remain in executive roles to help support the growth plan. Robin Rowland, TriSpan European Operating Partner will chair the board with Steve Hill, current Chairman, remaining on the board as a Non-Executive Director.

The first Pho restaurant opened in 2005 in Clerkenwell, and has since expanded, with initial support from Tom and Ed Martin and then further support from Gresham House, to become the UK’s leading casual Vietnamese group. Pho now operates 30 restaurants and three cloud (delivery-only) kitchens across the UK.

The AlixPartners team, which secured investment in Pho from TriSpan, was led by Managing Director Paul Hemming and by Director Craig Rachel. AlixPartners has a long-standing relationship with Pho, having previously advised Pho on the raising of investment from Gresham House in 2012.

About AlixPartners

AlixPartners is a results-driven global consulting firm that specializes in helping businesses successfully address their most complex and critical challenges. Our clients include companies, corporate boards, law firms, investment banks, private equity firms and others. Founded in 1981, AlixPartners is headquartered in New York, and has offices in 25 cities around the world. For more information, visit The AlixPartners M&A services team consists of dedicated specialists providing corporate finance and debt advisory services, specialist valuations, merger and competition advice, operational diligence, post-merger integration, enterprise improvement, restructuring and corporate turnarounds. By combining an excellent track record of success with deep industry knowledge, the team delivers superior results to a wide range of corporate, private equity, institutional, and entrepreneurial clients.

This deal was led by:

For more information, contact:

Pippa Miller-Jennings

Senior Vice President, London