Salt Bae’s Restaurant Chain Is Legitimately On Track For A $2 Billion Valuation

D.ream Group – owner of the Salt Bae restaurant franchise: Nusr-Et steakhouse – is currently in talks to sell a 20% stake in the global hospitality venture to the Qatar Investment Authority. Setting an eye-watering price of approximately US$300 million / AU$417.7 million, should the ongoing negotiations prove successful, the deal would effectively imply a total valuation of US$1.5 billion / AU$2.1 billion.

The development was first reported by Turkey’s Sozcu newspaper earlier this week. Dogus Holdings AS – owner of D.ream Group; which itself is owned by Turkish billionaire Ferit Sahenk – confirmed it was in discussion with the Qatar Investment Authority, but declined to provide any further details. When approached for comment, the state-controlled US$450 billion / AU$626.55 billion wealth fund also declined to elaborate.

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“Dogus has been trying to raise cash and deliver on pledges it made to banks as part of a debt restructuring,” explains Ercan Ersoy of Bloomberg.

“In 2020, the firm agreed to sell a 30% stake in a high-end Istanbul shopping centre to an arm of the Qatar Investment Authority.”

“Investors in D.ream Group include Singapore’s Temasek and London-based private equity firm Metric Capital Partners, who bought a 17% stake for $200 million in 2018, valuing the company at $1.18 billion.”

The rise and rise of Nusret Gökçe has truly been something to marvel. And nothing short of inspiring, given his humble origins as a 6th-grade dropout who became a butcher’s apprentice due to financial hardship.

Salt Bae opened the doors to his first restaurant in Istanbul, Turkey circa 2010 before establishing a second venue in Dubai circa 2014. After achieving international stardom in 2017, The Butcher Formerly Known As Nusret Gökçe began writing the next exciting chapter of his life.

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Parlaying his viral fame into very real profits, dining at a Salt Bae restaurant essentially became a status symbol thanks to the power of marketing. Last year, an itemised receipt from his Nusr-Et restaurant in Miami circulated on Twitter. For six guests, the total came to US$$6,228.05 (AU$8,412) or roughly US$1,038 (AU$1,402) a person.

Here’s what the damage looked like after dessert was served (USD):

• 2 x Meat Sushi – $60 ($30 each)
• 2 x Burrata – $60 ($30 each)
• 4 x #SaltBae Passion – $120 ($30 each)
• 2 x Voss Still – $20 ($10 each)
• 6 x Johnnie Walker Blue – $552 ($92 each)
• 1 x Sprite – $10
• 2 x Spaghetti – $160 ($80 each)
• 2 x French Fries – $30 ($15 each)
• 2 x Mashed Potatoes – $38 ($19 each)
• 2 x Spinach – $38 ($19 each)
• 2 x Sweet Corns – $38 ($19 each)
• 2 x 1 Lokum – $160 ($80 each)
• 2 x Istanbul Sirloin – $200 ($100 each)
• 1 x Tomahawk – $275
• 1 x Golden Tomahawk – $1,000
• 1 x Sirt for 3 – $220
• 2 x Golden Baklava – $130 ($65 each)
• 1 x Espresso – $5.95
• 1 x Tropical Green – $5.95
• 1 x Vin Dore 24K Gold de Brut – $1,500
  
  
  Subtotal: $4,942.90
  Tax: $395.43
  Service Charge (18%): $889.72
  Total Due: $6228.05

Months after the initial revelation, another itemised bill from the Turkish restauranteur’s newly-launched London outpost. For two guests, the total came to £1,812.40 (AU$3,407) or roughly £906 (AU$1,703) a head.

Here’s what the damage looked like after dessert was served (£):

• 1 x Burrata – £25
• 1 x Nusret Salad – £23
• 2 x Nusret Sushi – £46 (£23 each)
• 2 x Prawn Tempura Roll – £60 (£30 each)
• 1 x Giant Tomahawk – £630
• 1 x Kafes – £200
• 1 x Onion Flower – £18
• 1 x Herb Crusted Fries – £10
• 1 x Sweet Corn – £12
• 1 x Golden Burger – £100
• 1 x Asado for two – £120
• 1 x Nusret Baklava – £44
• 4 x Double Patron Coffee – £80 (£20 each)
• 4 x Double Grey Goose – £72 (£18 each)
• 2 x Coca Cola – £18 (£9 each)
• 2 x Coca Cola Light – £18 (£9 each)
• 4 x Red Bull – £44 (£11 each)
• 1 x Virgin Mojito – £11
• 1 x Eira Still – £9
• 1 x Elvira – £18
• 1 x Nusret Godfather – £18
• 6 x Turkish Tea – £0
  
  
  Subtotal: £1,576
  Service Charge (15%): £236.40
  Total Due: £1,812.40

You don’t have to be in the hospitality game to know those margins are fatter than A5 wagyu.

In present day, Salt Bae AKA Nusret Gökçe is the proud proprietor of 19 Nusr-Et steakhouse locations all around the world with an estimated net worth of US$50 million (AU$70 million). Which is surely set to multiple depending on whether the Qatar Investment Authority takes a healthy bite out of D.ream Group.