Vapiano Australia LP is a joint venture between Vapiano Franchising and Three Wise Men Propriety Limited.

Already ruled out as a potential buyer is ASX-listed Retail Food Group, which Street Talk contacted on Tuesday. Quadrant Private Equity’s Rockpool Dining Group is also giving the auction a miss.

The seven restaurants are located in Victoria, NSW, the ACT and Queensland. Development rights to grow the franchise beyond the seven locations in Australia and New Zealand are included in the sale.

PwC is looking to finalise a transaction by May.

The Vapiano Group started with one restaurant in Hamburg, Germany in 2002, and now has more than 230 locations in 33 countries. The group listed on the German bourse in 2017 and generated €370 million sales in 2018, the flyer said.