New Delhi, July 20 -- Private equity firm CX Partners has begun the process of exiting its seven-year-old majority stake in Tamil Nadu-based restaurant chain Thalappakatti Hotels Pvt. Ltd, according to three people familiar with the development.

Advay Capital is advising the company on the deal, which is likely to value the restaurant operator at about 2-3 times its revenue, the people said, adding that it is seeking an overall valuation of around Rs.1,000 crore, up from about Rs.860 crore in its previous funding round.

"While CX Partners will look to make a complete exit, there could be some purchase of additional stake that will be bought in this new round. The final valuation will depend on the nature of the investor coming in," one ...