Two UK-based private investment companies, Calveton and Breal Capital, are in talks to acquire D&D London restaurant group in a deal valued at £60m ($72.9m), the Evening Standard reported.

D&D currently operates more than 40 restaurants in the UK and overseas. Its portfolio includes Orelle in Birmingham, Bluebird in London, 20 Stories in Manchester and the South Place hotel in London.

D&D also operates restaurants in Europe and North America.

D&D London co-founder and CEO David Loewi will continue his association with the company as its CEO and shareholder.

The news agency quoted Loewi as saying: “We are absolutely delighted to welcome Calveton and Breal Capital into the D&D London family. This partnership will provide us with the financial backing and strategic support to accelerate growth both in the UK and internationally.”

The deal is said to be a significant milestone for the restaurant group as it will provide new growth opportunities.

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It will also provide the company with approximately £40m capital to invest in new restaurants.

Breal Capital founder Brent Osborne said: “We have always been selective in the opportunities we pursue and recognise that D&D London is a true gem in the world of hospitality.

“We are pleased to be part of this exciting journey and look forward to working closely with David Loewi and the talented team at D&D London to build on their impressive legacy.

“This acquisition represents a great platform upon which the various restaurants and bars within the group can be taken forward in partnership, delivering long-term sustainable growth.”