“We were looking at an IPO which at the right time has always been a dream for me,” Mr Marks said. “I want people that love Guzman y Gomez to have the ability to own it.”
However,the IPO was postponed after Guzman y Gomez met with Magellan,which is a shareholder in Starbucks,Yum and McDonald’s,as part of its IPO roadshow and Mr Marks received a phone call from Mr Douglass.
“He called us up and he said ‘I love you,and I’ve got to get involved’,” Mr Marks said.
The investment from Magellan,which has more than $100 billion in funds under management,valued Guzman y Gomez at $870 million,higher than a reported IPO valuation of $500 million. “We thought that was fair,” Mr Marks said. “When you value businesses,you don’t value them in the past,you value the infrastructure you’ve built and what the future looks like.”
Mr Marks is predicting that future will involve a continuation of Guzman y Gomez’s fast growth trajectory with expectations of reaching up to $3 billion in sales in about six years’ time and opening 500 outlets across Australia.
The chain has also expanded to the United States,Japan and Singapore and Mr Marks said Guzman y Gomez is on track to record $400 million in sales across the chain for the financial year.