Azernews.Az

By Bloomberg

Big Chefs, a Turkish restaurant chain, is planning to sell a minority stake as it seeks funds for international growth, people with knowledge of the matter said.

Owners of the Istanbul-based company, which is officially known as Buyuk Sefler Gida Sanayi and Ticaret AS, are working with advisers to manage the sale, said the people, who asked not to be named as the process isn’t public. Bids are due at the end of the month, and the stake is likely to attract interest from private-equity firms and other restaurant operators, two of the people said.

Big Chefs, owned by founder Gamze Cizreli and businessman Saruhan Tan, runs 23 restaurants across Turkey and Dubai. The company is expected to report earnings before interest, taxes, depreciation and amortization of about 15 million liras ($5.8 million) for 2015, one of the people said. Big Chef’s owners may seek an enterprise value for the whole company, including debt, of about 12 times Ebitda, or about 180 million liras, the person said.

Representatives for Big Chefs declined to comment.