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Dua, Naik help Olive Bar & Kitchen milk $10m from Aditya Birla fund

Dua & Associates advised domestic private equity (PE) fund Aditya Birla Sunrise in its Rs 53.5 crore ($10m) investment in fine dining restaurant chain Olive Bar & Kitchen which was advised by Naik & Naik.

Dua & Associates Mumbai partner Vinod Joseph with senior associate Sugandha Kamal and associate Dhrupad Vaghani acted for Aditya Birla Sunrise which is, according to Mint, a Rs 300 crore fund.

Naik & Naik partner Abhishek Kale with senior associate Bharat Sharma acted for Olive, a client, which has previously instructed the firm on joint ventures including on Olive’s member’s-only restaurant LAP.

Naik & Naik also acts on private equity deals for other hospitality brands including the Sanjay Narang group – owner of Mumbai’s fine dining restaurant Jazz by the Bay, confirmed Kale.

The investment will enable Olive in expanding to two new laterals – gastro pubs and bistros, according to Deal Curry.

The deal comes in the midst of spiked interest in fine dining chains from PE investors, according to VC Circle, also evident from the recently concluded Specialty restaurants transaction.

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