Activist investor eyes take-private bid for SSP Group as Upper Crust owner climbs on takeover chatter
New York-based Irenic Capital Management pushes for a take-private deal, with SSP Group valued near £1.25 billion as shares rise on the reports.
Shares in SSP Group plc surged on takeover chatter after reports that activist hedge fund Irenic Capital Management is pressing for a take-private deal for the London-listed owner of the Upper Crust bakery chain. SSP rose 7% to 167 pence, giving it a market capitalization around £1.25 billion. The New York-based fund has been urging private equity firms to bid, according to the Financial Times, arguing that a sale could fetch a premium of roughly 50% to current prices.
SSP Group is the owner of the Upper Crust bakery chain and other travel-related food and beverage outlets. In response to the reports, SSP issued a brief statement saying it was focused on its strategic priorities. "We welcome the feedback and views of all our investors. We are entirely focused on delivering progress against our clear strategic priorities to deliver sustainable growth and returns for all of SSP’s stakeholders," SSP said.
The talks come as activist investors increasingly direct attention toward companies with asset-light, consumer-facing brands that could attract take-private interest from private equity buyers. The Financial Times reported that Irenic Capital Management is encouraging prospective bidders to consider a take-private scenario, a path that could unlock value if a bid were to reflect a meaningful premium to the share price. Nevertheless, there has been no formal offer disclosed, and SSP has not announced any tie-up or strategic change tied to the activist activity.
Analysts noted that any move toward a take-private would hinge on securing financing and navigating the usual regulatory and governance considerations inherent in premium private transactions. Investors will be watching for further communications from SSP and for any signals about potential suitors or readiness to entertain approaches. The situation also underscores a broader interest from private markets in travel-related consumer services, where management teams have been reinforcing strategic plans to improve efficiency, accelerate growth, and expand margins in a post-pandemic environment.
As the market digests the headlines, SSP’s shares remain above pre-announcement levels, reflecting a combination of market optimism about potential strategic value and the ongoing tension between public-market oversight and private equity opportunism. Investors who follow the stock will likely await more definitive information about whether a formal approach emerges, how SSP would finance a takeover, and what conditions a potential deal would require to proceed.
In addition to the immediate market reaction, industry observers will be watching how SSP communicates its strategic plan in the coming months. The company has positioned itself as a core operator within key travel hubs, and any shift in ownership could influence its execution of growth initiatives, supplier relationships, and international expansion plans. With Irenic Capital Management signaling a willingness to mobilize private equity interest, SSP could face renewed scrutiny from shareholders and potential bidders who seek to assess the upside of a privatized structure versus continued public-market exposure.