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TTC Tosti Club

SPAR and The Tosti Club

Yuno brings the experience and expertise you expect from large investment banks.

“Yuno has guided us through several transactions over the past few years. They bring strong substantive knowledge on both corporate finance and market & industry insights. Yuno brings the experience and expertise you expect from large investment banks for good value for money. A pragmatic approach is combined with strong commitment and effective speed of action.”

John van der Ent & Bas Luten, CEO & CFO of SPAR


SPAR, the world-renowned food retail formula with roots in the Netherlands and active in the Netherlands with more than 450 retail locations, has taken its first steps in the Dutch food service sector through an acquisition of a majority stake in The Tosti Club (“TTC”). With the acquisition SPAR underlines the ambition to further expand its food service proposition and to make the tosti a signature product within the SPAR formula.

As a pioneer in the tosti segment, TTC opened its first location in Breda in 2015, and had grown independently to 10 locations in the Netherlands. With SPAR as a business partner, TTC aims to realize its national growth ambitions with the roll-out of the tosti concept within as many SPAR retail locations as possible, as well as new stand-alone locations based on a franchise model.

Role Yuno Advisors

Yuno assisted SPAR in the entire acquisition process, with SPAR and TTC working in parallel towards a joint business plan for the combination. The financial modeling of the business plan was carried out by Yuno. In addition, we have carried out the usual facets of the M&A process. This included the general deal coordination, valuation and structuring of the transaction, financial modeling and combination analysis, supervision of the due diligence investigation and process documentation together with the legal advisors.

Covid-19 created a new market situation in mid-March, but nevertheless, to the satisfaction of both parties, we worked towards a deal structure with a focus on the long-term objective of both companies.

About SPAR

SPAR Holding has over 450 franchise locations and 420 own employees in The Netherlands, generating consumer revenues of €671 million in 2019, a 23% year-on-year growth. Internationally, SPAR-Group has a worldwide store base of 13,320 venues, and revenues of €37 billion. Within The Netherlands SPAR employs a multi-format strategy with five separate store concepts; SPAR neighborhood, SPAR city, SPAR enjoy, SPAR university, and SPAR express. With these different store types SPAR has a local market approach with consumer experience and convenience as focal points. With the acquisition of a majority stake in The Tosti Club SPAR emphasizes its ambition to further grow its foodservice proposition and make the tosti into a signature product. The Tosti Club will be rolled out within SPAR’s venues in the coming years, on the basis of different modules depending on the various store types and locations.

About The Tosti Club

The Tosti Club pioneered in the casual tosti segment with its first store in Breda in 2015, and has since grown to 10 venues in The Netherlands of which two are already operated within SPAR (Zwolle and Arnhem). The other venues are located in Breda (2x), Den Bosch, Leeuwarden, Middelburg, Nijmegen, Nuland, and Rotterdam. The Tosti Club offers a story tell concept that captures the enduring consumer needs of authenticity and quality products, combined with swift and easy service. In addition, with its broad assortment of tosti’s and complementary products The Tosti Club is strongly positioned in delivery and on-the-go products.