Estiatorio Milos seeks capital for global expansion

By Olivia Hart

Estiatorio Milos operates 12 restaurants in seven countries and is seeking a minority strategic partner to fund its next phase of growth. The family-owned luxury Greek restaurant group, founded in Montreal in 1979 by Costas Spiliadis, hired Moelis & Company LLC last week to advise on finding that investor.

What kind of capital is Milos seeking?

Milos said it is “looking for a strategic partner,” with the partner expected to bring capital for the company’s next phase of growth. The proposed structure calls for a minority investor, although Milos has not disclosed the stake, valuation, investment size or timetable.

It also omitted sales, average checks, margins, construction costs and labor percentages, leaving the financial need behind the expansion unspecified. What the capital will fund beyond growth remains similarly broad.

What market is Milos expanding into?

The search comes against a softer chain-restaurant backdrop. Technomic’s Top 500 found that chain sales slowed again in 2025 as consumers cut back on dining, while coffee, beverages and snacks, and chicken thrived.

For a high-end operator, that mix puts traffic, pricing and menu engineering at the center of expansion planning, rather than simply the number of new doors. Milos did not disclose whether pricing, menu mix or sourcing changes affect its own economics.

How does Milos enter new markets?

Milos already operates across North America, Europe, Asia and the Middle East. Its footprint combines company-owned restaurants with licensing and management agreements, plus partnerships with real estate and hotel groups.

The announcement does not describe franchising, and it does not break down the 12 restaurants among the operating models. That means the total should not be read as 12 directly operated units. Milos also did not provide unit-level sales, profit or labor figures.

What U.S. expansion pipeline does Milos have?

In the United States, Milos has units in New York, Las Vegas and Miami. The brand is already in developments such as Hudson Yards in New York City, The Venetian Resort, Atlantis The Royal, and more.

It is also “exploring more U.S. expansion with Simon Property Group.” The announcement gives no project count, opening schedule, capital requirement or operating plan for Simon projects, so the scale of that pipeline remains undefined.

When is the next restaurant scheduled to open?

The first standalone Milos location is scheduled to open next spring in Los Cabos, Mexico. That is the only specific opening date in the announcement, which does not name an exact day or year.

Milos also did not say whether the restaurant will be company-owned, licensed or managed. It provided no staffing plans, construction costs or expected check average for the project.

Who remains in control of Milos?

After four decades, Spiliadis still leads the brand. Milos also operates Xenodocheio Milos, a hotel in Athens, and Milos at Sea, a private yacht charter in the Greek islands.

Those businesses put the company beyond restaurant dining, but the announcement gives no occupancy, charter-rate or revenue contribution figures. It therefore does not show whether lodging and travel operations offset restaurant costs or support expansion financially.

What does the partner search change for Milos?

For now, the change is financial and structural: Milos wants outside minority capital while Spiliadis remains at the helm. The money could support expansion in existing regions, further U.S. projects with Simon and the Los Cabos opening, though no allocation has been set.

The immediate test will be whether Moelis can secure an investor on acceptable terms and turn that capital into the expansion pipeline Milos has identified.