Whiteoak has taken a significant stake in Zeus Street Greek, the blue-and-white Greek street food chain targeting 150 stores by 2030, in a deal advised by Corrs Chambers Westgarth.

Whiteoak picked up its stake through a share purchase in the holding company from Zeus Street Greek's founders, Costa Anastasiadis, Peter Koutsovasilis, and the team behind Pony Dining Group, who are staying on as significant shareholders.

The chain was co-founded 11 years ago, fresh off the $41m sale of Crust, a pizza chain, to Retail Food Group. Zeus Street Greek operates 45 corporate and franchise stores serving gyros, souvlaki and "Spartan bowls", with agreements in place to hit 75 stores within two years and roll out 18 to 20 new locations annually from there.

The mid-market PE firm typically takes a 55%-80% control position in companies valued at up to $100m, according to the AFR. But the size of its position in this deal is undisclosed.

Corrs advised Whiteoak, led by corporate partner Glen Sauer, alongside partners Stephen Price, Natalie Bryant, Eugenia Kolivos and Lara Hall, drawing on specialists across corporate, employment, real estate, IP and regulatory. Deloitte and PwC also advised the buyer.

Zeus Street Greek relied on Novo Capital, KPMG and Hitch Advisory.

Source: Corrs Chambers Westgarth