Salonica Capital acts as exclusive financial adviser for Creams Cafe on majority stake investment by Pistachio Holdings
Pistachio Holdings has acquired a majority stake in the leading 93-strong dessert brand, Creams, the UK’s leading dessert café brand.
Creams founders, Adam Mani and Balal Aqil, will remain fully involved in the business and will be supported by incoming director and investor, Ankush Shah of Pistachio Holdings. Shah is involved in major QSR and consumer brands internationally and will be supporting the senior team in taking the business to the next level, driving its ambitions for international and further UK expansion whilst enhancing Cream’s manufacturing capabilities.
Despite the challenges faced due to Covid-19, Creams has successfully pivoted its business through the introduction of a seamless online experience for delivery and Click & Collect. In October, the Group reported a record-breaking October with sales of over £4M across the estate. The brand has also opened three new stores since March 2020 with another five to six planned for the first quarter of 2021.
Creams CEO and Co-founder Adam Mani commented:
“The Creams brand, amidst the pandemic, has maintained strong sales and growth. Product innovation, effective supply chain management and the hard work and passion of our internal team and franchisees have stood us in good stead and this new partnership is an exciting one for Creams.
“This strategic investment from Pistachio Holdings will help drive our future growth aspirations including growing the business internationally and increasing our manufacturing capabilities, areas in which they can really add value”.
‘We have successfully pivoted the business during the pandemic without diluting the Brand DNA and offering our customers a truly immersive experience. We are excited to bring on a new strategic partner that can be a catalyst for us realising our medium-term growth initiatives’ Othman Shoukat acting Creams MD commented.
Salonica Capital, an independent investment bank headquartered in London, acted as exclusive financial advisors for this deal. Omar Majid, Director within Corporate Finance Division commented, ‘This is an exciting acquisition; turbo charging Cream’s growth both internationally and nationwide. Combining Pistachio Holdings international expertise and manufacturing know-how with Cream’s unique consumer proposition, makes for a compelling growth trajectory’.
Creams, knowns for its flamboyant desserts, was founded in 2008 by Balal Aqil and Adam Mani. The brand employs more than 1,400 employees and works with a variety of franchise partners across the UK, empowering them to provide a high quality, distinctive customer proposition in an exciting and fast-growing market. Customers can enjoy a wide range of freshly prepared desserts ranging from waffles and crêpes to puddings and sundaes. All desserts, many of which can be made vegan, feature Creams’ own premium gelato which is produced daily in East London.
Creams’ focus on quality and innovation led it to be nominated High Growth Company of the Year at the UK Private Business Awards 2018. It has been also recognised as one of the top ten most loved Eating Out brands in the UK in 2019 and 2020 by Savanta Research.