Temasek, GIC in talks to buy stake in viral sensation Salt Bae's steakhouse: Report

Temasek, GIC in talks to buy stake in viral sensation Salt Bae's steakhouse: Report

gic, temasek in talks to buy salt bae's steakhouse
Salt Bae rose to fame in 2017 after a video of him cutting and adding salt to a slab of meat went viral. (Photo: nusr_ett/Twitter)

SINGAPORE: Temasek and GIC are in talks to buy a minority stake in a group of high-end restaurants, including Nusr-Et Steakhouse, which is owned by Turkish chef and Internet sensation Salt Bae, reported the Financial Times on Wednesday (Mar 7). 

Temasek and GIC, along with London-based investment firm Metric Capital, are the three large investors who may purchase D.ream Group, a subsidiary of Dogus Group, which owns the high-end restaurants, valued at about US$1.5 billion, FT said, citing two people familiar with the discussions.

The investment would include about US$200 million of equity, the report said.

Nusret Gokce, better known as Salt Bae, shot to fame in 2017 after a video of him deftly cutting a slab of meat and adding salt with a flourish went viral. Since then, he has opened several Nusr-Et restaurants in Miami and Manhattan alongside outlets in Dubai, Abu Dhabi and Doha. 

The key rationale behind purchasing restaurants like Nusr-Et is that they are seen as luxury chains and have reduced exposure to parts of the market where other brands have struggled, said a source quoted by the Financial Times.

These high-end restaurants also have "cachet and a strong brand", said Johnny Colville, managing director of the financial sponsors group in Europe for Houlihan Lokey, as reported by FT. 

Temasek and GIC declined to comment on the potential purchase when contacted by Channel NewsAsia.

Source: CNA/aa

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