El Jannah Sold to US Private Equity Giant General Atlantic in Near-$1 Billion Deal, with Plans to Quadruple Stores and Go Global

Sydney, Australia — 28 November 2025

Australia’s cult charcoal chicken chain El Jannah has agreed to a massive private equity deal that values the business at between A$800 million and close to A$1 billion, in one of the most eye‑catching fast‑food transactions the country has seen. ^[1]

New York–based investment firm General Atlantic is taking a major stake in the Western Sydney–born brand, backing an aggressive plan to quadruple El Jannah’s network from about 50 restaurants to nearly 200 and to take the Lebanese‑inspired chicken favourite into new Australian states and, for the first time, overseas – starting with the Middle East. ^[2]

According to multiple reports, founders Andre and Carole Estephan will retain a minority shareholding and remain involved in the business, while CEO Brett Houldin continues to lead day‑to‑day operations. ^[3]

Who bought El Jannah – and for how much?

Several outlets including The Australian report that the Estephan family has sold El Jannah to General Atlantic for around A$800 million, following a hotly contested auction that drew interest from heavyweight bidders such as Goldman Sachs Asset Management and BGH Capital. ^[4]

Other coverage, including News Corp reporting and syndicated commercial property pieces, describes the deal as being “close to A$1 billion”, underscoring the scale of investor appetite for the fast‑growing chain. ^[5]

The discrepancy likely reflects different ways of measuring the transaction – equity value versus enterprise value – but either way, the implied price tag firmly places El Jannah among the most valuable quick‑service restaurant stories in Australian history. Wikipedia’s updated entry now notes that El Jannah was sold to General Atlantic for around A$1 billion in late November 2025. ^[6]

From a single Granville shop to a cult chicken empire

El Jannah’s rise is a classic migrant success story.

1998: Andre and Carole Estephan, Lebanese migrants, open the first El Jannah store in Granville, Western Sydney. ^[7]
The brand quickly builds a cult following around its charcoal chicken and garlic sauce (toum), generous portions and affordable pricing. ^[8]
Over the next two decades, the chain spreads across Sydney before stepping into Melbourne in 2022 and Canberra in 2023. ^[9]

In its official announcement today, El Jannah said it has expanded from five restaurants in 2020 to about 50 today, now serving around 160,000 transactions every week across Sydney, Melbourne, Canberra, Wollongong and the Southern Highlands. ^[10]

The Australian reports that the business now generates close to A$300 million a year in sales and operates roughly 50 outlets across NSW, Victoria and the ACT. ^[11] The brand’s name, El Jannah, translates loosely as “paradise” or “heaven” in Arabic – a fitting label for a chain whose garlic sauce has near‑religious status among devoted fans. ^[12]

What General Atlantic is buying into

General Atlantic is a global growth investor headquartered in New York with more than US$118 billion in assets under management, according to reporting on today’s deal. ^[13]

The firm is already well known in Australia and the consumer space:

It has previously backed Zimmermann, the Australian luxury fashion brand, to accelerate global expansion. ^[14]
It invested A$100 million into Australian health‑tech platform Mable in 2021. ^[15]
Globally, General Atlantic holds a majority stake in Joe & The Juice, a fast‑growing juice and coffee chain, after initially investing as a minority shareholder. ^[16]

For El Jannah, that track record matters. The chain’s own statement emphasises that the money will be used to fund rapid restaurant rollout, upgrade digital and guest experience capabilities and support carefully targeted international expansion, rather than a drastic rebrand. ^[17]

General Atlantic will take a large stake but is not buying the founders out completely; the Estephan family remains invested, and CEO Brett Houldin is also expected to hold equity in the new structure. ^[18]

How many El Jannah stores are there – and how many are planned?

Right now, El Jannah sits at around 50 restaurants nationwide. ^[19]

Two different but consistent growth plans are now converging:

Quadrupling the network
- El Jannah’s official announcement sets a goal to grow from 50 to almost 200 restaurants “in the coming years,” effectively quadrupling the footprint. ^[20]
- A Daily Telegraph report today puts a similar target of 50 to 200 stores over about five years, backed by investment “close to A$1 billion”. ^[21]
More than 25 new outlets in the next 12 months
- The chain plans 25+ new restaurants in the next year alone, across:
  - NSW: including Cranebrook, Cronulla, Maroubra, North Rocks, the Sydney CBD, Warringah Mall and more in Western Sydney and regional centres. ^[22]
  - Victoria: growth corridors such as Armstrong Creek, Box Hill, Cranbourne, Roxburgh Park, South Yarra and other suburban hubs. ^[23]
  - ACT: a new outlet in Woden. ^[24]

Earlier interviews with Houldin flagged Queensland and South Australia as the next major domestic frontiers, with multiple sites planned from Noosa down through South‑East Queensland and a push into Adelaide. ^[25]

Will the Estephan family still own El Jannah?

Short answer: yes, but with a smaller stake.

Reporting today indicates that:

Andre and Carole Estephan will retain a minority shareholding and remain involved in management. ^[26]
CEO Brett Houldin, a former executive at Craveable Brands (owner of Red Rooster and Oporto), is expected to become a shareholder in the new entity alongside General Atlantic. ^[27]

In El Jannah’s own words, the partnership is pitched as a way to “carry the family’s dream into its next generation” while keeping the brand’s culture and identity at the centre of the business, rather than flipping control outright to offshore investors. ^[28]

Middle East expansion: exporting an Australian–Lebanese success story back home

One of the most attention‑grabbing elements of the new strategy is the plan to take El Jannah overseas, with the Middle East named as the first international focus. ^[29]

The founders, who migrated from Lebanon, have long believed that their Australian‑Lebanese flavour profile could resonate strongly in key Middle Eastern markets. ^[30]
Houldin told SBS’s On The Money podcast that securing international funding would allow El Jannah to quadruple its national footprint and explore Middle Eastern opportunities, marking a new chapter in the brand’s story. ^[31]

The company’s official statement frames potential overseas stores as “the ultimate proof of the Australian migrant success story” – exporting an Australian‑grown brand, built by Lebanese migrants, back into the region that inspired it. ^[32]

Specific countries and timelines for international outlets haven’t been announced yet, but with General Atlantic’s experience rolling out brands like Joe & The Juice globally, market watchers will be watching closely for site deals and franchise partnerships in the Gulf and beyond. ^[33]

Fast‑food wars: KFC, Red Rooster, McDonald’s – and now El Jannah 2.0

For years, El Jannah has been the cult favourite in suburbs where multinational chains like KFC and McDonald’s dominate highway strips and shopping‑centre food courts.

News Corp coverage today explicitly casts the General Atlantic deal as arming El Jannah to “challenge fast food giants” such as KFC and other major quick‑service brands. ^[34]

Several trends are converging:

Drive‑through renaissance: El Jannah has leaned into drive‑through formats, with Houldin previously saying that drive‑through stores have been “very successful” and have enjoyed a post‑COVID resurgence in popularity. ^[35]
New day‑parts: In late 2024, the chain launched a breakfast menu in selected outlets to compete in the morning trade against players like McDonald’s. ^[36]
Property play: RealCommercial’s coverage highlights the implications for commercial property, as El Jannah hunts for high‑profile drive‑through sites and large‑format suburban locations across the country. ^[37]

At the same time, the broader fast‑food sector has become a magnet for capital. The blockbuster 2024 IPO of Guzman y Gomez, which listed at a valuation of around A$2.2 billion, showed how public markets will reward scalable, brand‑driven restaurant businesses. ^[38]

El Jannah’s deal suggests global investors now see similar upside in Australia’s home‑grown Middle Eastern and chicken concepts, not just Mexican or burger chains.

What does the deal mean for customers, staff and franchisees?

For customers, the message is continuity plus convenience:

The chain and its investors are emphasising that the core menu – charcoal chicken, garlic sauce, salads and wraps – isn’t going anywhere. ^[39]
The focus in the near term is more locations, more drive‑throughs and better digital ordering and loyalty experiences, rather than a radical overhaul. ^[40]

For staff and franchisees:

With more than 2,000 employees already on the books and 25+ new restaurants planned in the next year, the network is likely to add thousands of jobs across front‑of‑house, kitchen, corporate and logistics roles. ^[41]
The deal structure – with the founders staying involved and Houldin remaining CEO – is designed to reassure franchisees that local decision‑making won’t suddenly be replaced by distant Wall Street oversight. ^[42]

For potential franchise partners and landlords, today’s announcements make it clear that El Jannah is now cashed‑up and actively scouting:

high‑traffic suburban centres,
regional city hubs, and
key transport corridors where drive‑through chicken can compete directly with established global players. ^[43]

Key facts about the El Jannah–General Atlantic deal

Buyer: General Atlantic, a New York–headquartered global growth investor. ^[44]
Seller: El Jannah’s founding Estephan family, who will retain a minority stake. ^[45]
Reported valuation: Between A$800 million (The Australian) and close to A$1 billion (News Corp and other outlets). ^[46]
Current network: Around 50 restaurants across NSW, Victoria and the ACT. ^[47]
Employees: Roughly 2,000 staff, with about 160,000 weekly transactions. ^[48]
Growth target: Expand to almost 200 restaurants in coming years, with more than 25 new outlets opening in the next 12 months. ^[49]
Domestic expansion: Intensified rollout in NSW and Victoria, plus new pushes into Queensland, South Australia and the ACT. ^[50]
International plans: Explore selective expansion into the Middle East and other high‑potential markets. ^[51]

Why this deal matters

Today’s announcement is bigger than one much‑loved chicken chain.

It signals that:

Australian food brands with authentic cultural stories are now premium global assets, not just local curiosities.
The quick‑service restaurant sector remains a magnet for big money, even after the Guzman y Gomez IPO reset expectations for what Australian fast food can be worth. ^[52]
Migrant‑built businesses can scale into billion‑dollar brands without losing their identity, provided they partner with investors prepared to back – rather than dilute – what made them special in the first place. ^[53]

El Jannah’s $1 Billion Chicken: Aussie Icon Goes Global!