El Jannah Sold to US Private Equity Giant General Atlantic in Landmark A$1 Billion Deal

Sydney – 28 November 2025

Australia’s cult Lebanese charcoal chicken chain El Jannah has been snapped up by New York–based private equity firm General Atlantic in a blockbuster deal understood to value the business at close to A$1 billion, capping one of the most closely watched fast‑food auctions of the year. ^[1]

The sale, reported today by multiple outlets and based on Australian Financial Review Street Talk coverage, will see the founding Estephan family remain significant shareholders alongside General Atlantic, while chief executive Brett Houldin is expected to stay on and lead the next phase of expansion. ^[2]

Key points

General Atlantic, a New York–headquartered global growth investor, is acquiring El Jannah in a deal sources say is priced just under A$1 billion. ^[3]
The Estephan family will retain a substantial stake, and CEO Brett Houldin is expected to remain in the role, signalling continuity for staff and franchisees. ^[4]
The transaction follows a fierce bidding war involving Goldman Sachs Asset Management, BGH Capital, Bain Capital and others, with Morgan Stanley running the sale process. ^[5]
El Jannah already operates about 47 restaurants and employs more than 2,000 people, with plans on the table for up to 150 new outlets in two years and a longer‑term ambition of around 500 stores nationally. ^[6]

Who bought El Jannah – and for how much?

According to reporting today in Australian commercial property and business media, General Atlantic has agreed to acquire El Jannah for a price “close to” or “just under” A$1 billion following a competitive auction process. ^[7]

Sources quoted in Chinese‑language outlet Australian Financial News, which frequently summarises the AFR’s Street Talk column, say the deal was led by General Atlantic managing director Neal Kok, who oversees the firm’s Australia and South‑East Asia activity from Singapore. Legal advice to the buyer reportedly came from Gilbert + Tobin, while Morgan Stanley and law firm Allens had been hired earlier by the sellers to run the sale. ^[8]

General Atlantic is best known in Australia for backing online aged and disability care marketplace Mable, and globally for investments in brands such as Authentic Brands Group (owner of Billabong and Quiksilver parent Boardriders) and luxury label Zimmermann. ^[9]

The El Jannah deal adds a high‑growth, culturally distinctive fast‑casual food chain to that portfolio – and marks General Atlantic’s most visible Australian consumer play to date.

Founders stay in the tent as partners, not sellers

One of the most important elements of today’s news is what hasn’t changed.

Reports indicate that the Estephan family, who founded El Jannah in western Sydney almost three decades ago, will keep a sizeable equity stake and remain actively involved with the business. ^[10]

CEO Brett Houldin – a former Craveable Brands executive with deep experience across Red Rooster and Oporto – is also expected to stay on as chief executive and shareholder. ^[11]

In comments to the AFR’s Street Talk column, relayed today by other outlets, Houldin declined to discuss specific deal terms but said the company had found a partner aligned with the founding family, management team and franchisees, and that he was looking forward to “the next chapter” in El Jannah’s story. ^[12]

For franchisees and staff, that continuity matters: it suggests the new owner is backing the existing strategy rather than planning a rapid clean‑out or rebrand.

From Granville to a billion‑dollar brand

El Jannah’s journey reads like a textbook modern Australian success story.

The chain began in 1998 when Lebanese immigrants Andre and Carole Estephan opened a small charcoal chicken shop in Granville, in Sydney’s west, serving food inspired by their homeland. ^[13]
The family had earlier been involved in another Granville chicken shop, Awafi, with relatives, before branching out to build El Jannah as a standalone brand. ^[14]
For years, the business relied largely on word‑of‑mouth and a cult following for its Lebanese‑style charcoal chicken, garlic sauce (toum), pickles and tabouli rather than big marketing budgets. ^[15]

What began as a single suburban restaurant gradually evolved into a fast‑growing franchise network. Realestate.com.au’s July profile put the chain at 47 restaurants across three states – 30 in NSW, 16 in Victoria, and one in Canberra with more ACT sites incoming – and more than 2,000 employees nationwide. ^[16]

Media reports drawing on the sale process suggest El Jannah’s franchise network now sells roughly 100,000 chickens a week, with restaurants scattered across Australia’s east coast and a loyal customer base that treats the brand as a cultural touchstone as much as a takeaway option. ^[17]

Inside the bidding war for El Jannah

Today’s announcement follows months of speculation and a highly competitive auction that drew some of the biggest names in global private equity.

Earlier coverage of the process indicated that:

Morgan Stanley and Allens were appointed by the sellers to run a sale targeting a valuation of A$1 billion or more, pitching El Jannah as “the next Guzman y Gomez” in terms of growth trajectory and brand power. ^[18]
Multiple private equity firms, including BGH Capital, Bain Capital, Goldman Sachs Asset Management (GSAM) and Warburg Pincus, expressed interest at various stages. ^[19]
In October, Australian Financial News reported that BGH Capital was teaming with Barrenjoey Capital Partners and law firm Herbert Smith Freehills for a binding offer, while GSAM had hired JPMorgan banker Dragi Ristevski to help prepare its bid. ^[20]

Today’s AFN write‑up of the final result, again drawing on AFR’s Street Talk, says General Atlantic ultimately beat both GSAM and BGH Capital in the final round, securing the asset at a price “close to” A$1 billion. ^[21]

The auction process underscores two big themes in Australian deal‑making right now:

Appetite for scalable, culturally distinctive QSR (quick‑service restaurant) brands.
Investors’ willingness to pay tech‑style multiples for food concepts with strong unit economics and long runways for store growth.

The growth story General Atlantic is buying

While the A$1 billion price tag grabs the headlines, what General Atlantic is really buying is future growth.

Aggressive store rollout plans

In July, El Jannah publicly outlined a multimillion‑dollar national expansion plan that included: ^[22]

Opening 150 new restaurants within two years,
Targeting Queensland and South Australia as immediate priorities,
Actively scouting sites from Noosa to the Queensland–NSW border,
Entering Adelaide within 12–18 months, and
Focusing on drive‑through and high‑visibility shopfront locations, reflecting the post‑COVID resurgence of drive‑through formats.

Houldin has also spoken about hitting around 100 restaurants in two years and 200 within five years, while sale‑process coverage suggests an ultimate “blue‑sky” goal of about 500 stores across Australia if the rollout goes to plan. ^[23]

Those ambitions line up neatly with General Atlantic’s growth‑equity playbook: back a proven concept with a fanatical customer base, then provide the capital, governance and systems to scale it quickly.

Positioning in the fast‑food arms race

El Jannah’s strategy is to position itself as a fresh, fast‑casual alternative to the traditional fried chicken giants:

The brand is explicitly aiming to challenge KFC and Red Rooster for national dominance in chicken. ^[24]
Its distinctive Lebanese flavour profile, charcoal cooking and cult‑favourite garlic sauce give it a point of difference in a crowded market. ^[25]
Owning much of its supply chain allows El Jannah to maintain freshness and consistency across the network, which is critical as it scales. ^[26]

This is exactly the sort of “defensible niche with mass appeal” that private equity funds have been chasing globally in restaurant deals.

Why private equity loves Aussie chicken chains

The El Jannah transaction is part of a broader pattern: global investors are increasingly drawn to Australian food and QSR brands that blend strong local identity with replicable store economics.

In recent years:

Funds such as BGH Capital have invested heavily in poultry producers like Hazeldenes and Inghams, betting on the enduring popularity of chicken and on vertical integration benefits. ^[27]
Street Talk and AFN articles have highlighted how El Jannah’s sellers used listed Guzman y Gomez – valued in the billions after its ASX listing – as a key comparable when marketing the chain. ^[28]
Competing bidder Goldman Sachs Asset Management was seen as a serious contender partly because of its prior experience backing US chicken chain Zaxby’s in a US$2 billion transaction. ^[29]

In that context, a near‑A$1 billion price for El Jannah reflects not only current earnings, but the belief that the brand can sustain rapid store growth, strong franchise demand and pricing power in the years ahead.

What it means for landlords and franchisees

For commercial landlords, today’s news is particularly significant.

Realestate.com.au and RealCommercial reporting emphasise that El Jannah’s expansion plans hinge on securing a steady pipeline of drive‑through pads, highway sites and suburban centres in key growth corridors, especially in south‑east Queensland and metropolitan Adelaide. ^[30]

With General Atlantic now bankrolling the rollout, property owners can expect:

Increased competition for well‑located sites, particularly on busy commuter routes.
Stronger covenant strength as a global PE fund sits behind the tenant brand.
Potential portfolio deals as El Jannah and its advisers look to secure clusters of sites in new markets rather than negotiating purely store‑by‑store.

For franchisees and staff, the implications are mixed but potentially positive:

A global partner may accelerate marketing, technology and training investments, boosting brand visibility and operational standards.
Scale could deliver better supply‑chain efficiencies, helping protect margins if input costs rise.
On the flip side, growth‑driven owners can be more demanding on performance metrics, which could raise the bar for existing franchisees.

The decision to keep the founders and existing CEO at the helm should help smooth that transition and reassure on continuity of culture. ^[31]

What happens next?

Neither General Atlantic nor El Jannah has yet released a detailed timetable for completion, and key terms beyond the reported valuation band remain confidential. As a private transaction, the deal is unlikely to face the same level of public scrutiny as a public‑to‑private takeover, but it will still need to clear standard regulatory, financing and closing conditions.

In the meantime, several things seem likely based on today’s coverage and earlier strategy statements:

Store growth will accelerate, particularly in Queensland and South Australia, where site scouting is already under way. ^[32]
The chain will continue pushing toward 70 stores in the near term, en route to triple‑digit outlet numbers later this decade if plans stay on track. ^[33]
El Jannah is likely to double down on its positioning as a fresh, family‑orientated, culturally rooted chicken brand, using the new capital to entrench that edge as competition heats up. ^[34]

For everyday customers, at least in the short term, the takeaway is simple: your garlic sauce isn’t going anywhere – but the green and white brand that started in Granville is about to get much harder to miss on Australian roads.