DIAFA, an Abu Dhabi-based luxury hospitality platform affiliated with International Holding Company, said on 11 April that it had completed a majority investment in Richard Caring's hospitality portfolio, including The Ivy, Scott's, Sexy Fish and Annabel's, in what it called a ten-figure transaction.
Why DIAFA is buying Richard Caring hospitality portfolio (The Ivy Collection, Caprice Holdings, The Birley Clubs)
DIAFA plans to take the brands abroad, starting with Annabel's in New York, while Scott's, Sexy Fish and Noema are also earmarked for international growth and The Ivy brasseries continue to expand in the UK.
“This transaction marks the beginning of a new chapter in global luxury hospitality.”
Deal terms and financing
The price was not disclosed beyond being in ten figures; trade press put it at about £1.4bn. Ivy Collection parent Troia (UK) Restaurants reported adjusted EBITDA of £61.9m for the year to 5 January 2025, and restaurantonline estimated group EBITDA including Caprice and the Birley Clubs at about £89m. Bill's is excluded.
Market context
Caring began exploring a sale about two years earlier, initially of The Ivy Collection alone. DIAFA, whose group chief executive Ravi Thakran is a former chairman of LVMH Asia, already owns Azumi Group, the operator of Zuma and Roka, and The h.wood Group.
