Jun 27, 2019

Lion Capital acquires stake in Gordon Ramsay's restaurant empire

Photo: Ethan Miller/Getty Images for Vegas Uncork’d by Bon Appétit

Lion Capital has acquired a 50% stake in the North American restaurant business of British chef Gordon Ramsay. The deal is worth $25 million, with Lion also agreeing to invest $100 million over the next five years to help Ramsey open 100 new U.S. spots over the next five years.

Why it matters: It reflects how private equity keeps plowing money into restaurants, including earlier this week, even though they are a notoriously difficult business. Just last month, Ramsay rival Jamie Oliver said he'd close all but three of his 25 locations in the U.K.

The bottom line: "Ramsay already has eight restaurants across Las Vegas, Atlantic City and Baltimore, in partnership with Caesars Entertainment. There’s five concepts in Las Vegas, of which three are brands that will be expanded through the new deal. " — Chloe Sorvino, Forbes.

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America's small business bailout is off to a bad start

Illustration: Sarah Grillo/Axios

Websites have crashed, phones are jammed and confusion reigns as businesses rushed at today's kickoff to get their chunk of the $350 billion Paycheck Protection Program.

Why it matters: This is a race to save jobs in the present and the future, and to ensure that as many workers as possible keep their benefits and paychecks during the coronavirus lockdown.

Go deeperArrow37 mins ago - Health

Coronavirus fuels historic drop in gasoline demand

Reproduced from EIA; Chart: Axios Visuals

The amount of gasoline American drivers are consuming dropped to levels not seen in more than 25 years, government data shows.

Driving the news: When most of us are staying home and not driving, this is one of the most predictable—but nonetheless still staggering—upshots of the unfolding coronavirus crisis.