Macfarlanes and Olswang have taken roles on the buyout of London steak restaurant chain Hawksmoor by Graphite Capital.

The deal sees the mid-market buyout house acquire a majority stake in the chain, valuing the business at a reported value of around £35m.

Macfarlanes advised Graphite Capital – a longstanding client of the firm – on its acquisition of a share in the business from its owners Underdog Restaurants.

The Macfarlanes team was led by corporate and M&A partner Howard Corney and banking and finance partner Chris Lawrence.

Olswang advised the shareholders and management team of new client Underdog Restaurants, led by corporate partners David Roberts and Chris Mackie, tax partners Graham Chase, Stephen Smith, Andrew Quayle and real estate partners Matthew Speed and Marcus Barclay.

Hawksmoor was set up in 2006 by Will Beckett and Huw Gott, with a restaurant in Spitalfields. Since then the restuarant has expanded to several more locations. Beckett and Gott will both remain with the company, reinvesting in the business.

Roberts said: "Hawksmoor will reach a critical mass in London at some stage and we are now working with Will and Huw on their plans for a new restaurant brand. Investment in the restaurant industry in London has grown increasingly in the past years and has enabled us to build up our Leisure Group practice."

Graphite also owns the Groucho Club in London, and last year also invested £19m in Rex Resturants, owners of upmarket restuarants The Delaunay and The Wolseley. In 2005 it sold its stake in noodle chain Wagamama in a deal on which Travers Smith advised.