Restaurant Industry Analysis: Trispan's formation of Arcturus Group

PE-firm, TriSpan has made a bold move by forming the Arcturus Group, a new holding entity that brings together three vibrant Asian casual dining brands: Rosa’s Thai, Pho and Mowgli Street Food. Each of these concepts offers a distinct cuisine (Thai, Vietnamese and Indian respectively), and all were previously backed individually by private equity firm TriSpan’s Rising Stars fund. By consolidating them under one umbrella, TriSpan is effectively creating a multi-brand platform focused on high-growth Asian casual dining. This consolidation not only pools the operational strengths of the three restaurant companies but also signals TriSpan’s confidence in the UK’s Asian casual dining segment as a cornerstone of its investment strategy.

The strategic logic 

We work closely with hospitality groups and investors across the UK and internationally to develop growth and investment strategies. From that vantage point, the opportunity here is clear. The levers to drive value were already being pulled – methodically and effectively.

TriSpan’s investment journey began with Rosa’s Thai in June 2018, a timeline that, even with the pandemic interruption, stretches beyond the typical private equity holding period. The later acquisitions of Pho in May 2021 and Mowgli in October 2022 feel increasingly like part of a long-term plan – a deliberate march towards consolidation rather than stand-alone bets.

By early 2025, these three businesses collectively represented the bulk of TriSpan’s UK restaurant investments, underscoring how central they are to the firm’s UK hospitality portfolio. The formation of Arcturus Group, therefore, formalises what TriSpan had already been building: a focused cluster of proven Asian dining brands positioned for further growth under a unified vision.

From the outside, many of the typical private equity value levers were already well underway: an accelerating but sensible UK rollout plan, brands being structured for a post-founder future and a pilot of international growth through the Dubai opening by Eathos – another TriSpan-backed group. This merger is simply the next logical step, and a mechanism to pave the way for a larger exit for TriSpan and the founders and management teams involved.

What’s been clever is the pace and sequencing. Rather than rushing to integrate, TriSpan and the respective leadership teams have focused on steadying the ships and investing in structure, clarity and momentum. The brands have been maturing behind the scenes, tightening operations, building out management teams and defining their post-founder DNA.

The timing

The timing makes strategic sense. We’re at the point where combining these three brands under a single holding company allows for shared infrastructure, a unified leadership vision and operational synergies without destabilising the individual business units. It also enhances their combined leverage with landlords, suppliers and international partners while offering a more robust proposition for future growth or exit opportunities.

This move is also clearly a mechanism within the broader value creation plan behind TriSpan’s investment. By formalising the Arcturus Group, the businesses gain a more scalable platform and stronger valuation profile, paving the way for a more significant and attractive exit – both for TriSpan and the founders and management teams. Whether that exit comes in the form of a sale to another private equity firm or, less likely, a public offering, the consolidation increases optionality. It creates a platform with stronger purchasing power, centralised support services and deeper management capability. The mid-term potential to integrate back-of-house functions, consolidate office locations and build shared growth infrastructure is significant, offering meaningful synergies and long-term cost savings.

This isn’t just a financial roll-up; it’s a plan shaped with deep operational insight and a clear eye on exit, engineered by Robin Rowland OBE, whose experience building and scaling YO! Sushi into an international brand gives him an intuitive understanding of what it takes to grow with discipline. Having chaired all three businesses prior to this formal merger, he knows the leadership teams, the culture and the nuances that make each brand tick. This isn’t just a financial roll-up; it’s a plan shaped with deep operational insight.

The risks

The immediate benefits are clear, but there are risks too. Multi-brand portfolios are notoriously complex to manage. It’s not uncommon to see a cyclical focus, where one brand becomes the growth darling while another is left to lag – either due to underperformance or shifting market attention. This can lead to portfolio imbalance, reactive concept-switching between sites and brand dilution if not carefully handled.

There’s also the challenge of preserving each brand’s soul. These are not just products or assets; they’re emotionally resonant experiences with loyal customer bases. The tightrope is in scaling efficiently without compromising what makes each concept special. That will be the true test of Arcturus Group’s leadership and vision.

The value of a multi-brand strategy

By creating Arcturus Group, TriSpan is embracing a multi-brand strategy that has become increasingly prominent in the UK dining sector. The rationale is clear: combining complementary brands under one parent company can unlock economies of scale in supply chain and support services, broaden the consumer reach and balance out risk across concepts. Each restaurant brand under Arcturus Group will continue to operate with its own identity and management but can leverage shared expertise and back-office resources – much like how the larger Azzurri Group runs its portfolio. Azzurri (owner of ASK Italian and Zizzi) has also shifted towards becoming a broader hospitality platform, recently expanding into fast casual and quick service restaurant (QSR) with brands like Coco di Mama, Boojum and the UK franchise of Dave’s Hot Chicken.

While Arcturus Group is currently focused on full-service formats, the group has an opportunity to follow Azzurri’s lead by adding a high-quality Asian QSR concept to its portfolio. A format like Chopstix, Wasabi or a sushi bowl concept could diversify the brand mix, unlock new dayparts and build presence in food courts and travel hubs. The QSR market remains strong, with Chopstix recently selling a 51% stake to a European investment platform after doubling sales in four years – a clear signal of the category’s attractiveness to investors.

The Asian market

The formation of Arcturus Group also reflects the strength and resilience of the Asian casual dining segment, which has remained robust despite wider economic headwinds. During 2023–2024, while some mid-market brands were closing locations, Pho and Rosa’s Thai continued to expand – a sign of healthy unit economics and loyal customer bases. These cuisines are often perceived as offering excellent value for money, balancing big flavours with lighter, healthier profiles that appeal to modern diners.

Portfolio investors have taken note. Beyond TriSpan’s roll-up of Rosa’s, Pho and Mowgli, we’ve seen growth investments in other operators like Giggling Squid (backed by BGF) and Tonkotsu (supported by Graphite Capital). Private equity funds are actively looking for “the next Wagamama” and Arcturus Group is one of the few players with the scale, diversity and leadership to fill that gap.

In conclusion

This move, while long anticipated by some, is nonetheless impressive in its execution. It shows what’s possible when founder-led creativity is paired with strategic capital and experienced leadership, and it sets the stage for what could be one of the most exciting new forces in UK hospitality.

For founders, operators and investors, the message is clear: scale matters, but it needs to be strategic. Brand-led growth, underpinned by operational excellence and a clear investment roadmap, is no longer optional – it’s essential. And as Arcturus Group steps into the spotlight, it will be fascinating to see how this next chapter unfolds. 

James Hacon is the Managing Partner at Think Hospitality, Restaurant Industry Dealmakers, Innovators and Strategists.