Published by Global Banking and Finance Review
Posted on September 25, 2025
(Reuters) -Activist hedge fund Irenic Capital Management is trying to drum up interest in a take-private deal for Upper Crust owner SSP Group after boosting its stake in the food-to-go operator, the Financial Times reported on Thursday.
Reuters could not immediately verify the report.
Irenic Capital Management declined to comment, while SSP Group did not immediately respond to a Reuters' request for comment.
The New York-based hedge fund is encouraging private equity groups to launch takeover bids for the London-listed company, arguing that SSP could be valued at a 50% premium to its market value in a take-private deal, the newspaper reported, citing a pitch deck.
The fund points to SSP’s predictable revenues, its capacity to grow in U.S. airports and its ability to generate capital through the sale of non-core assets, including its stake in a listed Indian joint venture, the report said.
The fund has shared materials about the merits of a leveraged buyout with investment bankers and private capital firms in recent weeks, the report added.
SSP Group is an operator of food and beverage outlets in travel locations, specialising in designing, creating, and operating a range of food and drink outlets in airports, train stations, and other travel hubs.
Irenic owns roughly 3% of SSP’s stock, the report said.
(Reporting by Rhea Rose Abraham in Bengaluru; Editing by Janane Venkatraman)
