Good Spirits Hospitality snaps up Soul Bar owner

The acquisition will more than double the size and earnings of GSH. (Image: supplied)

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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