25th Sep 2025 10:24
(Alliance News) - Shares in SSP Group PLC rose on Thursday after a report suggested an investor was trying to stir takeover interest in the firm.
SSP, which operates food outlets in railway stations and airports, including Upper Crust, Caffe Ritazza and franchised outposts of M&S Simply Food and Burger King, traded 6.0% higher at 165.40 pence in London on Thursday morning. It had traded as high as 173.06p.
The Financial Times said Irenic Capital Management, an activist hedge fund run, is trying to rustle up interest in a take-private deal for SSP Group after boosting its stake in the food-to-go operator.
The New York-based hedge fund is encouraging private equity groups to launch takeover bids for the London-listed company, the report said.
The fund has shared materials about the merits of a leveraged buyout with investment bankers and private capital firms in recent weeks, according to a pitch deck seen by the FT.
Irenic argued that SSP could be valued at a 50% premium to its market value in a take-private deal, the deck said.
The hedge fund points to SSP's "predictable revenues, its capacity to grow in US airports and ability to generate capital through the sale of non-core assets, including its stake in a listed Indian joint venture," the report added.
The FT noted Irenic's approach at SSP has apparent similarities with an activist campaign it launched in 2023 at Wagamama owner the Restaurant Group, which resulted in a GBP506 million sale to private equity group Apollo Management.
Irenic now owns roughly 3% SSP's stock, up from 2% in May, the FT said, citing people familiar with the situation.
By Jeremy Cutler, Alliance News reporter
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