Varsity Group sold to national player

A Melbourne-based hospitality outfit has acquired Varsity Group and its eight sports and burger bars, while committing to invest a further $20 million in WA over the next three years.

Signature Hospitality Group announced the purchase today, but could not reveal the value of the transaction. 

Varsity Group started in Perth in 2013 when its three co-founders, Matt Pound, Fabian Bucher and Ben Maher, started a frat-style bar in Nedlands.

It has since grown to operate six throughout the metropolitan area, and is in the process of opening a seventh venue in Innaloo and has proposed another in Midland.

In a release, Signature Hospitality Group said it had identified a further five new large-format locations throughout WA for the brand.

Varsity Group’s co-founders will continue in management roles for at least the next three years in WA.

Mr Maher said the deal would grow the Varsity brand.

“This partnership is a win for all parties and we are excited and confident that under Signature’s ownership, Varsity will experience significant growth and be in a strong position to capitalise on new opportunities,” Mr Maher said.

The deal takes Signature Hospitality Group’s portfolio of Western Australian venues to 14, and its national count to close to 40, including multiple Sporting Globe Bar & Grill and TGI Fridays Australia sites.

Signature Hospitality Group owner James Sinclair said Varsity had strong roots in WA, where it would remain headquartered.

“It has significant opportunity for future growth in WA where Signature will commit $20 million of investment over the next three years, as well as further opportunities nationally,” Mr Sinclair said.