For professional investors
The capital side, in brief
Koykan is an international fast casual restaurant chain, meaning fast, healthy and affordable food. The network operates in several European countries and is expanding through local operating Partners who build and run restaurants under the Koykan brand in their own market.
The build-out is not financed through debt at group level but through a separate capital structure. Investors invest in companies that build and develop the restaurant business in the first phase, or in companies that hold ownership in the second phase and pay out their earnings. This page describes how that capital side is set up, who charges what and who checks it.
It is intended for professional and qualified investors, family offices, mezzanine funds and institutions. The minimum commitment at this level is EUR 100,000. The rest of the site describes the channels for retail investors.
For the market and the opportunity itself, see the homepage; for the company behind it, see Why Koykan?
How the model works
The development side funds the build of a restaurant and holds it until it starts earning steadily. The yield side then buys it, holds it for the long term and pays its earnings out to its own investors. That sale from one side to the other is called the transition.
The transition is not the only exit. The development side can sell an established location to a third party at market price, and does not wait for the transition if a buyer appears sooner. The yield side has no right of first refusal.
In either case, the sale proceeds go back to the development side’s investors, as a return of invested capital and profit.
The diagram covers the whole model and every type of investor.
Four things that set this structure apart
One single fee across the whole structure
At fund level, one per cent is charged, to the external licensed manager for the regulatory mandate, administration and the depositary.
The capital platform above that takes no management fee and no carried interest, and there is no preferred return or sponsor catch-up. It recharges its own operating cost to the capital companies at cost, with no margin, and charges the holding companies nothing at all. Distributions are made pro rata to capital paid in.
The group invests on the same terms
The group subscribes for units in the same companies as investors, in the same class, at the same published price per unit of capital. There is no preferred class, no priority return and no earlier exit.
Its return is whatever its own stake earns, at the same time and on the same formula as everyone else’s. The group’s interest and investors’ interest align by construction, not by statement.
The transition price is known in advance
Every sale from the development side to the yield side is calculated on a published formula, the same for both sides. The formula is set so that the yield side, which buys the location, achieves a target annual return on capital invested, and it applies to every location equally.
The formula applies to a sale to the yield side; a sale to a third party goes at market price. An investor therefore knows in advance the rule by which their position is valued, regardless of when they invest or which build cycle they are in.
The check is done by someone outside the group
An independent firm, engaged separately from the auditors of the companies whose figures it uses, calculates the asset value and the formula price, and confirms that both sides are valued on the same rule. No transition is carried out without its written confirmation.
Once a year it also confirms that the fee regime is being followed. Its fee is borne by the capital platform, not by investors, and it is fixed. The regulatory mandate over the fund sits with the external licensed manager, with a separate depositary and administrator.
What an investor holds, and how they exit
Ownership, not a claim
The investment is not a secured loan but a stake in a company that owns a specific restaurant. Every location is a separate company, with its own equipment, lease and brand licence.
The kitchen and counter line are standardised and transferable, so they hold their value beyond that one location.
Capital comes back in instalments
On the development side, liquidity comes from the model itself. Capital comes back as individual locations are sold, to the yield side on the published formula or to a third party at market price, so progressively over the life of the investment rather than in one exit at the end.
On the yield side, the return is ongoing, through an annual dividend, with periodic redemption windows. Yield companies list on the stock exchange, which gives the share a visible price and regular trading.
Who is already in
The platform has been funded by more than 500 investors to date. Around EUR 6 million has been invested cumulatively in the network’s build-out, alongside several strategic investors in the ownership structure.
There is also a multi-year track record of on-time coupon payments on the bond issues to date.
Documentation
Available under a non-disclosure agreement.
- Group structure and ownership diagram
- Historical financial statements and projections
- Cap table by level
- Valuation methodology and report
- The transition formula and its calibration
- Unit economics model and assumptions
- Articles of association of the capital companies and class rights
- Risk register and conflicts-of-interest register
Contact
Investor relations
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This page does not constitute an offer or an invitation to invest. The terms of each instrument are set out exclusively in the corresponding offering documentation.