Grizzly Bear Capital is the family office and investment platform founded by the former team behind Wingstop UK*.
a brand that didn’t just enter the market, it changed the game.
Blending youth culture, bold branding, and operational precision, Tom, Herman & Saul founded Lemon Pepper Holdings Ltd in 2017 and partnered with Wingstop Inc. (NASDAQ: WING) to bring the U.S. cult-favorite to the UK, the first market in Europe — launching a disruptive new approach to consumer engagement.
From day one, the focus was clear: build with authenticity, market with impact, and operate at scale. In just a few years, they grew the business to over 60 locations and 3,500 employees, delivering market-leading AUVs and defining a new standard in fast casual excellence.
Backed by cultural credibility and real-world execution, Wingstop UK became one of the fastest-growing restaurant rollouts in Europe — culminating in a successful sale of the company to US private equity firm, Sixth Street in 2024. Each founder remains a minority shareholder in the business.
Grizzly Bear Capital was born from that journey — a platform built by operators, creators, and culture shapers.
We now invest in the next wave of consumer brands, experiences, and ideas — with a focus on youth-driven markets, community resonance, and scalable execution.
*Lemon Pepper Holdings Limited trades as Wingstop UK under license. Grizzly Bear Capital and its principals have no current affiliation with Wingstop Inc.
Our Impact
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Growth & Market Leadership
Scaled from 1 to 60+ UK locations in 6 years, building a 3,500+ strong team with a transformative exit that defined a new benchmark in the space. Achieved 125% 5-year CAGR with consecutive placements in the FT 1000 and Sunday Times Fast Track 100. Created Deliveroo’s most-ordered dish in 2024.
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Marketing, Brand & Cultural Innovation
We didn’t just market — we created culture. Ranked in the top 10 most loved eating out brands in the country.
From brand collabs and partnerships to championing emerging creatives, we crafted moments within the culture to truly connect with our audience.
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People & Workforce Development
Voted one of the Sunday Times Best Places to Work (2024), with a team of 3,500+ scaling at lightning speed - driving both culture and operational excellence.
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Financial Strength & Structuring
Secured capital from the ground up with nothing more than a pitch deck, leading to a successful exit in 2024, advised by Goldman Sachs, with one of the highest multiples achieved for the QSR sector in UK history.
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Operational Excellence & Real Estate
Market-leading AUVs, a formidable leasing portfolio, and outstanding real estate terms — we executed a multi-unit rollout with unmatched speed and efficiency, setting the bar for industry growth and scalability.
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Personal Recognition
Tom, Herman and Saul named regional finalists for EY Entrepreneur of the Year and are proud to be EY alumni.
WE’RE MORE THAN OPERATORS - WE’RE BUILDERS.
Our backgrounds span real estate, deal making, marketing, brand and ops. Wingstop was our breakout moment - but the blueprint runs deeper.
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Tom Grogan
Partner
Contact: Tom@grizzcap.com
Tom brings a background in private equity and residential development, with deep expertise in strategic planning, investor relations, and operational structuring. He’s worked across fast-scaling consumer ventures, with a focus on translating vision into sustainable commercial outcomes.
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Herman Sahota
Partner
Contact: Herman@grizzcap.com
Herman brings a sharp operational edge and a people-first mindset. He’s led large teams, built strong culture, and has a natural instinct for brand and marketing — combining cultural relevance with clear, disciplined execution.
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Saul Lewin
Partner
Contact: Saul@grizzcap.com
Saul has spent his career at the intersection of real estate, leisure, and growth strategy. He’s led complex deal-making across both corporate and property levels, with a sharp focus on multi-unit rollout, site acquisition, and long-term value creation.
Advised By the Best
