Cafe bar business Loungers has agreed to be bought by a US investment group in a deal valued at around £338 million.
The company currently operates 262 sites across England and Wales across three brands: Lounge, Cozy Club and Brightside.
Fortress Investment Group said it has made an offer through a newly formed investment vehicle for the UK hospitality group.
It marks the latest London-listed firm to strike a deal with an international private equity group.
Fortress has offered 310p for each Loungers share, representing a premium of around 30% to its closing price on Wednesday.
The firms said the entire share capital of Dell Loungers was valued at around £338.3 million.
Fortress said it believes Loungers has a “strong and differentiated position”, having grown its locations and sales in recent years “despite recent challenges facing the wider hospitality sector”.
Group managing director, Domhnall Tait, said: “This growth, and management’s continued commitment to the business, gives us confidence in the company’s growth potential and opportunity to add value.”
Fortress has previously invested in British firms including Majestic Wines and Peach Pubs & Co.
Loungers opened its first site. Bristol in 2002, and now operates its café bars mainly in suburban high streets and small town centres, and cozy club restaurants in city centres.
Loungers chairman Alex Reilly said the group had “come a long way” since its inception, adding: “We are more excited than ever and we see Fortress as an ideal partner for Loungers. helps take us to the next stage of our growth journey.”
Loungers needs the approval of its shareholders to proceed with the acquisition.