Fast casual chain Zeus Street Greek has secured funding from a mid-market private equity firm, Whiteoak, to accelerate its next level of growth.
While the funding level is undisclosed, Whiteoak typically invests between $20m and $60m in Australian and New Zealand businesses with a global appetite. The private equity firm has previously invested across technology, services, industrials, and consumer sectors.
Zeus Street Greek co-founder Costa Anastasiadis told Franchise Executives “We’re really excited to be partnering with Whiteoak. The team brings a strong track record in scaling consumer brands, along with the strategic support and capital needed to accelerate our next phase of growth. Just as importantly, there’s strong alignment in values and vision, which was critical for us in choosing the right partner.”
The business will remain founder-led, with Anastasiadis, his brother Terry, and Peter Koutsovasilis, retaining a significant ownership stake.
CEO Ramon Castillo commented on LinkedIn: “Our team, including our franchise partners, are the lifeblood of the business. With new financial backing and the strategic support of Whiteoak, we are excited to open many new stores across Australia as we continue building Zeus Street Greek into the most loved Greek food brand in the country.”
Zeus Street Greek has a footprint of 45 locations across the country and a target of 150 locations by 2030. The chain has diversified into branded meal kits available in supermarkets.
According to the AFR it is heading for an annualised revenue of more than $120m the first half of this year.
