Private equity firm True is in advanced negotiations to acquire a significant stake in German Doner Kebab (GDK), the fast-growing franchise-backed restaurant chain, at what sources describe as a “stellar valuation”.

GDK, currently owned by Hero Brands, is preparing to open its 150th UK outlet next month as part of an ambitious expansion strategy. 

The business, led by CEO Simon Wallis, is reshaping its brand positioning through a nationwide marketing campaign aimed at redefining doner kebabs as an all-day dining option, rather than a late-night indulgence. Currently, only 4% of GDK’s sales occur after 11pm.

True is a serial investor in high-growth consumer businesses and has previously backed companies such as energy drinks brand Sneak and tattoo removal specialist Ray Studios. The proposed transaction would further expand its footprint in the food and beverage sector.

While terms have not been disclosed, the sale process, managed by Cavendish, has drawn interest from multiple parties. The discussions between True and Hero Brands mark a significant moment for GDK, which operates a franchise model and is understood to be pursuing further domestic and international growth.