Italian cafe chain Prezzo bought by personal equity company Cain International

Italian cafe chain Prezzo has been purchased by personal fairness agency Cain International, the businesses introduced this afternoon.

Cain Worldwide, which also holds stakes in Competitive Socialising – the owner of Swingers ridiculous golf – and women’s non-public members club The Allbright, explained Prezzo has outperformed the having difficulties everyday dining sector over the very last 12 months.

Examine extra: Prezzo faucets advisers to oversee sale approach

It claimed the higher road cafe chain traded robustly in the direct up to lockdown in March, and in the intervening interval amongst the first and 2nd lockdowns.

The offer, which is predicted to full afterwards this thirty day period, signifies a vote in self-confidence in the UK’s relaxed dining sector, which has been battered by the coronavirus pandemic and lockdown limitations.

Cain Worldwide claimed it will guidance Prezzo’s ambition to turn out to be the “UK’s favourite Italian” and aid reinvigorate significant streets as they start out to get well from the Covid-19 disaster.

Prezzo’s administration group, led by government chair Karen Jones, who co-founded Cafe Rouge, co-invested in the deal.

Jonathan Goldstein, chief executive of Cain Intercontinental, said: “We firmly believe that strong hospitality and leisure makes with disciplined management will prosper in a write-up-Covid landscape. 

Read additional: Eating places and clubs that endure Covid may well see a boom like hardly ever just before

“Prezzo has a clear eyesight for how to finest provide its clients and communities and I am self-confident that the blend of Cain’s operational and economic abilities, the fantastic management group led by Karen, and the determination of Prezzo’s complete workforce will help the company to realise its entire prospective. 

“We are extremely excited about joining the Prezzo household and placing it on a route toward renewed development.”

The write-up Italian restaurant chain Prezzo bought by personal fairness firm Cain Global appeared initially on CityAM.