Abu Dhabi-based DIAFA completed a majority acquisition of Richard Caring's hospitality portfolio in a transaction the company described as being worth in the 10 figures, implying a value of at least £1 billion ($1.3 billion).
The deal would add Annabel's and some of London's most recognisable dining and private members club brands to the UAE luxury hospitality company’s portfolio of high-end food and beverage assets.
The Ivy Brasseries, the Caprice Holdings luxury restaurant portfolio, which includes Scott's, Sexy Fish and Noema, and The Birley Clubs, whose properties include Annabel's, George, Harry's Bar and Mark's Club, will now come under DIAFA’s ownership.
Mr Caring will retain the role of executive chairman and continue to lead the strategic direction across the portfolio.
The deal signals Abu Dhabi's ambitions to build a dominant position in global luxury food and beverage at a time when experiential spending continues to outpace goods consumption across high-net-worth demographics. DIAFA, an affiliate of IHC Group, the UAE’s largest listed company, was established to consolidate leading hospitality brands into one scalable platform. Its existing holdings include the Azumi Group, operator of the Zuma and Roka restaurant chains, and The h.wood Group, which runs venues including Delilah and The Nice Guy.
The acquisition strengthens DIAFA's presence in the UK and accelerates plans for international expansion. Annabel's is slated to open in New York, while Scott's, Sexy Fish and Noema are targeted for continued global roll-out. The Ivy Brasseries, which has been expanding across the UK, is also being evaluated for openings in the US and other markets.
DIAFA appointed Ravi Thakran as group chief executive to lead the combined platform. Mr Thakran previously served as group chairman of LVMH Asia and founded L Capital Asia, the private equity vehicle backed by LVMH and Groupe Arnault. He oversaw more than $4 billion in investments across 32 companies over three decades while at the group.
Mr Caring, who built his hospitality empire across decades of acquisitions and brand development, said the partnership would allow the portfolio's brands to reach new markets. Mr Thakran said DIAFA was focused on assembling a portfolio of “culturally defining brands” with long-term value.
The transaction comes as sovereign-backed and Gulf-based investment vehicles have increasingly moved into luxury assets, from hospitality groups to fashion houses, to diversify their base.
Additional financial terms were not disclosed, and the companies did not name any advisers for the transaction.
