Wed 16th Apr 2025 - Private equity firm True in talks to take stake in German Doner Kebab Private equity firm True in talks to take stake in German Doner Kebab: Private equity group True is in advanced talks to acquire a majority stake in the circa 180-strong German Doner Kebab (GDK) brand, to aid its next stage of growth both in the UK and internationally. Propel understands that Hero Brands, the operator of the Choppaluna and Dirty Bones concepts, has been working with advisors from Cavendish on its options for GDK. Hero Brands is set to keep a stake in GDK. It is thought that GDK, which is led by ex-Domino’s Pizza Group director Simon Wallis, generated interest from private equity players both in the UK and internationally, with the business understood to be valued at circa £70m. Hero Brands founder Athif Sarwar acquired GDK in 2017 and it has since grown to circa 150 sites in the UK, 12 in the UAE, five in Sweden, three in Canada, eight in the US and one in Saudi Arabia. GDK has a target of having 300 stores by 2028. Earlier this month, GDK opened its first train station site, within the food terrace in London Victoria’s Victoria Place shopping centre. It became the brand’s 55th site in London, and is one of 28 restaurants it is planning to open in the UK this year. GDK is also planning to open 45 restaurants in international markets in 2025. GDK, which delivered £163.7m system-wide in 2023, counts Atul Pathak, formerly the UK’s largest McDonald’s franchisee, as one of its UK franchisees. Last summer, Wallis, who spent 13 years at Domino’s Pizza Group, told Propel that GDK was targeting filling “bags of white space” outside London, including its first drive-thru. He said the brand also plans to further roll out its travel hub locations, smaller format stores and its breakfast offer. Hero Brands declined to comment. German Doner Kebab features in the UK Food & Beverage Franchisor Database, which now features a total of 340 companies, and which is exclusive to Premium Club subscribers. A Premium Club subscription costs an annual sum of £495 plus VAT for operators and £595 plus VAT for suppliers. Companies can now have an unlimited number of people receive access to Premium Club for a year for £995 plus VAT – whether they are an operator or supplier. Email kai.kirkman@propelinfo.com today to sign up.