maconda supports the Gustoso Group in refinancing
maconda News April 2025
The Munich-based chain restaurant group Gustoso secures fresh capital for its expansion strategy, relying on maconda’s expertise: The Cologne-based management consultants provided substantial support to Gustoso and majority shareholder AUCTUS Capital in the refinancing—with a detailed Market Review for Germany and Switzerland as well as analysis of the multi-brand approach and market outlook for chain restaurants.
The Gustoso Group is one of the fastest-growing German restaurant groups. The more than 170 locations in Germany, Austria, Switzerland, and the Netherlands are operated directly or by franchise partners. Gustoso is a multi-brand restaurant platform in the fast casual segment, a combination of full-service and quick-service restaurants. The group comprises burger and Italian food concepts as well as a lifestyle format. The maconda team clearly highlighted the advantages of this multi-brand strategy: Compared to single-brand operators, Gustoso can broadly diversify entrepreneurial risks and benefits from diverse synergies across nearly all parts of the value chain—particularly in expansion, talent acquisition, procurement, digitalization, and marketing. When Gustoso entered the Netherlands through its investment in the casual dining concept ‘t Zusje, the maconda consultants, who are increasingly active in this region, provided support with market and competitive analysis.
Comprehensive view of the industry
Following the proven maconda approach, a wide variety of sources were evaluated prior to the analysis. These included relevant trade magazines and blogs, publications from various restaurant associations, and extensive information about competitors—both in chain restaurants generally and in individual food segments. “For a complete view of the industry, the occasional restaurant check during lunch breaks and after work was naturally important as well,” reports maconda managing director Rainer Mayer about this special project. The maconda consultants focused on the challenges facing the restaurant industry, which suffered significantly under COVID-19 but has recently returned to growth. Chain restaurants in particular are clearly on a recovery trajectory. The industry insiders interviewed by maconda expect this trend to continue. Given the various crises, consumers are likely to shift their restaurant visits from more expensive to somewhat more affordable segments—and thus also to chain restaurants.
About Gustoso
The Gustoso Group is a rapidly growing restaurant company founded in 2015 with a focus on chain restaurants, headquartered in Munich. Since its founding, the group has expanded the number of its locations to more than 170. Gustoso now includes the brands Cotidiano, Ciao Bella, Ruff’s Burger (in Hamburg: under Otto’s Burger), 60 seconds to napoli, as well as Burgermeister in Switzerland and ‘t Zusje in the Netherlands. Gustoso’s stated goal is to become one of the leading multi-brand platforms for restaurant concepts in Europe. Co-founder and majority shareholder to this day is AUCTUS Capital Partners.
About AUCTUS
AUCTUS is an owner-managed private equity investor based in Munich, founded in 2001. With over 450 transactions in the past 24 years, AUCTUS is among the most active investment firms in Europe. The strategy is based on “Buy & Build”: AUCTUS invests in mid-sized companies with growth potential and supports them in building international operations. The private equity investor values independence and an entrepreneurial approach—more than 50 percent of invested capital comes from the AUCTUS team itself.
maconda continues to expand expertise in chain restaurants
The maconda team has significantly expanded its expertise in chain restaurants, the food industry, and retail in recent years. This includes countless Commercial Reviews and Commercial Due Diligences, investment checks, and strategy engagements such as go-to-market concepts.
Extensive industry experience: Chain restaurants | Horeca | Catering | Franchise systems | Convenience food | Frozen food | Baked goods | Confectionery | Meat & sausages | Beverages | Organic | Vegan | Sports nutrition | Dietary supplements | Ethnic food | Pet food | Food retail | Wholesale | Consumer goods of all kinds and much more
About maconda
For more than 20 years, maconda has provided support in company acquisitions, performance optimization, and restructuring. With over 800 consulting and implementation projects and more than 450 transaction-related engagements, maconda has comprehensive experience to pragmatically support even demanding projects. Clients include mid-sized companies, business units of large corporations, as well as international private equity investors and family offices.
maconda focus industries: Consumer goods | Food | Retail & eCommerce | Packaging | B2C Services | B2B Services (incl. Business Process Outsourcing) | Manufacturing companies
maconda core areas: Transaction advisory | Business model development | Performance management