Why Fairfax’s €300 M. Evergood Pursuit Is More Than Just Another Restaurant Deal

The €300 M. Bid That Connects Athens to Toronto

Fairfax Financial, the Canadian investment group led by Prem Watsa, is in advanced talks to acquire Evergood, the Greek food-service platform that owns Goody’s Burger House, Everest, Flocafé Espresso Room, La Pasteria and Jackaroo. The proposed price, first reported by Capital, is around €300 million, and Fairfax has already completed due diligence on the company.

The move would dramatically expand Fairfax’s restaurant footprint in Europe. The firm already controls Recipe Unlimited, Canada’s largest full-service restaurant company with more than 1,100 outlets and brands such as Swiss Chalet, Harvey’s and Montana’s. In late 2025, it added London-based MW Eat, the owner of iconic Indian dining names Veeraswamy, Chutney Mary and the Masala Zone chain, with plans for international expansion of those brands.

Evergood is a far larger platform than MW Eat. In 2025, the Greek group reported consolidated sales of €300 million (up 13.1% from €265 million) and system-wide sales of €375 million. Its adjusted EBITDA reached €32.8 million, giving a €300 million enterprise value multiple of roughly 9.1 times. The business combines corporate and franchised restaurants, a centralised catering arm (Hellenic Catering and Olympic Catering) and a significant presence in travel and mass-market dining.

Talks are ongoing, and the final price could shift depending on whether the €300 million represents enterprise or equity value—a critical detail given Evergood’s €90.7 million in bank debt and nearly €60 million in lease liabilities at year-end 2025.

What Recipe Unlimited and MW Eat Tell Us About Fairfax’s Restaurant Blueprint

Replicating the Recipe Unlimited model

Fairfax’s interest in Evergood is not a one-off restaurant punt. It fits a clear pattern. Recipe Unlimited, which Fairfax took private in 2024, operates a multi-brand portfolio spanning burgers, rotisserie chicken, casual dining and quick-service outlets, with heavy use of franchising. Evergood’s structure is strikingly similar: a roof that holds complementary brands (burgers, coffee, Italian casual, mass catering) with a mix of owned and franchise units. Having stewarded Recipe’s integration, Fairfax has in-house expertise—led by CEO Frank Hennessey and the Recipe management team—that can be applied directly to Evergood.

The UK bridge: MW Eat as a test kitchen

The 2025 acquisition of MW Eat was small but instructive. Fairfax not only took over the operating business but immediately installed Recipe’s Sardano to oversee it, while retaining the founders as advisors. The plan, outlined in Watsa’s shareholder letter, includes investing in new restaurant formats and taking Masala Zone and The India Collection brands abroad. That experience gives Fairfax a European base and a template for integrating yet leaving room for local identity—exactly what a deal for Evergood would demand.

The financial arithmetic

At €300 million enterprise value, Evergood’s multiple of 9.1x adjusted EBITDA looks reasonable for a growing, diversified food-service platform with double-digit sales gains. However, the group’s balance sheet is not light: long-term debt of €78.3 million, short-term borrowings of €12.4 million and significant lease obligations. If the €300 million refers to equity value, the implied enterprise value would be higher—potentially stretching the multiple. Fairfax’s discipline suggests it will have priced in the debt load and the leases, but the final structure will determine the true economics of the transaction.

Who gains and who watches

For Evergood’s current owner (understood to be CVC Capital Partners), a sale at this valuation would crystallise a solid return after a period of revenue growth and margin improvement. Fairfax gets immediate scale in the Greek market and a platform that can absorb future bolt-on acquisitions in the region. Rivals such as Vivartia (owned by CVC as well, but a separate entity) and local franchise groups will face a well-capitalised competitor that has a track record of cross-leveraging brands and supply chains. The Greek franchisees operating under Evergood’s banners would likely see little day-to-day disruption initially, but Fairfax’s playbook often includes renovating stores, refreshing menus and accelerating digital ordering—investments that could pressure smaller independent operators.

What This Deal Means for Evergood, Its Rivals and the Wider Market

• Evergood management and franchisees: Prepare for a strategic review. Fairfax’s track record with Recipe and MW Eat points to fresh capital for store upgrades, menu innovation, international expansion of formats like Goody’s or Everest, and tighter operational benchmarking across the portfolio.
• Competitors in the Greek food-service market: A Fairfax-backed Evergood would have access to long-term patient capital, procurement synergies from Recipe’s scale and expertise in franchising efficiency. Smaller chains without a strong multi-brand cushion may feel margin pressure if Fairfax reinvests EBITDA gains into price competitiveness or marketing.
• Fairfax shareholders: The deal would deploy capital into a stable, cash-generative business in a euro-denominated market. The 9.1x entry multiple and the experienced operational team reduce execution risk, but the leverage on Evergood’s balance sheet must be managed to avoid returns being diluted by interest costs.
• Timeline: With due diligence complete, a final agreement could be announced within weeks. Look for a post-merger integration note that mirrors the MW Eat playbook—placement of Recipe executives and a multi-year investment program focused on expanding the food-court and franchise network across Southeastern Europe.