Retail

Good Spirits Hospitality snaps up Soul Bar owner

Rebecca Howard
Mon, 15 Nov 2021

Good Spirits Hospitality snaps up Soul Bar owner
The acquisition will more than double the size and earnings of GSH. (Image: supplied)
Rebecca Howard
Mon, 15 Nov 2021
Good Spirits Hospitality has inked a conditional deal to buy Nourish Group for about $27 million. The move will double its venues to 20, including Soul Bar & Bistro and its soon-to-be-opened new Viaduct venue. The base purchase price is about $21.3m cash (on a debt free/cash free basis) with up to an additional $5.9m payable 12-to-24 months after settlement through an agreed earnout formula based on venue outperformance.Nourish Group shareholders include Foley Family Wines, which has a 24.9% stake. The full purchase price wil...

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