Artal takes a majority stake in Mission Mars, owner of Rudy's and Albert's Schloss

Mission Mars, the Manchester-founded group behind Rudy's Napoletana and Albert's Schloss, has a new majority owner. Fynveur, the investment holding of Artal, has bought the stake for an undisclosed sum, advised by Invus, The Caterer reports. The deal completed on 27 October.

The deal - 44 sites: 40 Rudy's and four Albert's Schloss, with 1,800 staff. - BGF, which first invested in 2018, has fully exited. - The management team, led by chief executive Roy Ellis, stays in post. - A debt facility from Santander, HSBC and NatWest supports the deal.

Where it goes next: the group posted record revenue and higher profits in its full-year results in June, and its first Rudy's in Scotland is due to open this month. Ellis said the group also wants to explore strategic acquisitions that could speed up growth.

So what for groups: a rare clean private equity handover in a tough year, with the buyer backing existing management and bank debt alongside. It shows there is still appetite for proven, simple formats with a long rollout ahead. If Mission Mars starts buying, expect it to look at brands that fit its high-volume, city centre model.