NoHo Partners: Acquires a restaurant chain in Denmark - Nordea

NoHo Partners has acquired a 65% stake in the Danish restaurant chain Halifax Burgers. The founders will remain minority owners. Halifax Burgers is a high-quality sit-down burger concept, and it has 11 restaurants in Denmark. According to our understanding, the concept is very similar to Cocks & Cows, which NoHo already owns in Denmark (8 restaurants). In 2024, Halifax Burgers generated a revenue of EUR 14m, i.e., ~3% of the total group sales in 2024. We believe this is likely a good fit for Noho’s portfolio, and given NoHo’s experience, expertise and synergy benefits, the acquired operations are likely to contribute positively to the group earnings. Halifax will be reported as part of Noho as of 1 May, and assuming a EUR ~15m revenue in 2025E, this is likely to have a ~2% positive impact on Vara Research consensus revenue. NoHo Partners will report its Q1 tomorrow at 8:00 EET – we are roughly in line with consensus on the top-line and on EBIT, but we note that the consensus may still partially factor in Better Burger Society, which was separated from the group on 1 April.