Quadrant Private Equity has this week started due diligence to acquire Neil Perry's Rockpool Group, sources told Street Talk on Monday.
KPMG Corporate Finance is advising Rockpool Group. Quadrant is self-advised.
Sources said the two sides were working towards agreeing a deal before the end of October.
Celebrity chef Neil Perry's high-profile portfolio includes Rockpool Bar & Grill restaurants in Sydney, Melbourne and Perth; Spice Temple in Sydney and Melbourne; Burger Project and Eleven Bridge in Sydney; and Rosetta in Melbourne,
Quadrant owns Urban Purveyor Group, which has a similar portfolio of capital-city restaurants.
Quadrant has been seeking to increase UPG's footprint in the sector after the private equity firm first invested in 2015. It paid about $175 million for John Szangolies' food and beverage empire made up of 20 restaurants and associated businesses.
There are four Sake restaurants in UPG's portfolio, which also includes the Bavarian Bier Cafe outlets, Ananas Bar & Brasserie, and the Munich Brauhaus in Melbourne.
In April this year, Quadrant acquired popular Italian diner Fratelli Fresh for an undisclosed price.
