Italian cafe chain Prezzo snapped up by trader Cain Global
Italian restaurant chain Prezzo has been snapped up by non-public equity large Cain Intercontinental.
The chain was bought as a going worry, meaning it was continuing to trade profitably, by past private fairness owners TPG soon after the UK’s informal eating sector was hammered by the pandemic.
Cain explained its financial commitment, which incorporates co-financing by Prezzo’s administration staff, will help the 180-internet site firm’s ambition to develop into the “UK’s favorite Italian”.
Rivals such as Pizza Convey, Pizza Hut and Question Italian-proprietor Azzurri Group have carried out big restructures right after eating places were being forced to temporarily near in the encounter of the pandemic.
Prezzo explained it has “outperformed” the sector this 12 months despite Covid-19, hailing “robust trading” prior to March and between England’s two national lockdowns.
The price of the sale was not disclosed but comes 6 many years following TPG purchased the chain for additional than £300 million.
In 2018, the team underwent a business voluntary arrangement (CVA) that saw just one third of its around 300 sites shut and done a debt-for-fairness swap.
Karen Jones, government chair of Prezzo, stated: “We are delighted to be teaming up with Jonathan (Goldstein) and Cain Intercontinental.
“Together, we think our shared perception in wonderful hospitality and entrepreneurial tactic put together with a cafe enterprise centered in the higher streets of the United kingdom, represents a effective mix for the times we stay in.
“As we glance forward to this new chapter, I would like to take this possibility to also thank TPG and our other shareholders for their invaluable help and perform about the years.”
We firmly feel that solid hospitality and leisure manufacturers with disciplined management will thrive in a submit-Covid landscape
Jonathan Goldstein, main executive and co-founder of Cain Worldwide, will be part of Prezzo’s board of administrators pursuing the completion of the deal, which is envisioned to go by means of later on this month.
Mr Goldstein stated: “We firmly believe that that powerful hospitality and leisure brand names with disciplined management will thrive in a write-up-Covid landscape.
“Prezzo has a clear eyesight for how to greatest serve its customers and communities and I am confident that the combination of Cain’s operational and economical know-how, the excellent administration team led by Karen, and the motivation of Prezzo’s whole workforce will help the enterprise to realise its whole possible.
“We are extremely enthusiastic about joining the Prezzo relatives and putting it on a path towards renewed advancement.”
