Italian cafe chain Prezzo snapped up by trader Cain Intercontinental
Italian cafe chain Prezzo has been snapped up by personal equity big Cain Global.
The chain was bought as a heading issue, meaning it was continuing to trade profitably, by former private fairness owners TPG soon after the UK’s relaxed dining sector was hammered by the pandemic.
Cain mentioned its financial investment, which consists of co-financing by Prezzo’s administration crew, will guidance the 180-site firm’s ambition to turn out to be the “UK’s favourite Italian”.
Rivals which include Pizza Specific, Pizza Hut and Talk to Italian-proprietor Azzurri Group have carried out key restructures after eating places ended up forced to briefly shut in the facial area of the pandemic.
Prezzo reported it has “outperformed” the sector this yr even with Covid-19, hailing “robust trading” prior to March and in between England’s two nationwide lockdowns.
The value of the sale was not disclosed but arrives 6 a long time right after TPG acquired the chain for additional than £300 million.
In 2018, the group underwent a corporation voluntary arrangement (CVA) that observed a person third of its about 300 sites shut and accomplished a personal debt-for-fairness swap.
Karen Jones, government chair of Prezzo, mentioned: “We are delighted to be teaming up with Jonathan (Goldstein) and Cain Worldwide.
“Together, we think our shared belief in good hospitality and entrepreneurial strategy blended with a cafe business enterprise dependent in the high streets of the United kingdom, signifies a strong blend for the times we reside in.
“As we seem forward to this new chapter, I would like to acquire this prospect to also thank TPG and our other shareholders for their priceless support and perform in excess of the several years.”
Jonathan Goldstein, chief government and co-founder of Cain International, will be a part of Prezzo’s board of directors pursuing the completion of the deal, which is envisioned to go by means of later on this month.
Mr Goldstein stated: “We firmly imagine that strong hospitality and leisure makes with disciplined management will prosper in a article-Covid landscape.
“Prezzo has a distinct eyesight for how to ideal provide its consumers and communities and I am confident that the combination of Cain’s operational and fiscal knowledge, the exceptional management group led by Karen, and the dedication of Prezzo’s full workforce will permit the business enterprise to realise its entire prospective.
“We are extremely fired up about signing up for the Prezzo spouse and children and putting it on a path toward renewed development.”
