Italian cafe chain Prezzo has been snapped up by private fairness giant Cain Global.
The chain was bought as a heading problem, that means it was continuing to trade profitably, by preceding personal equity owners TPG just after the UK’s everyday eating sector was hammered by the pandemic.
Cain stated its financial commitment, which features co-financing by Prezzo’s management group, will assistance the 180-web page firm’s ambition to become the “UK’s favorite Italian”.
Rivals together with Pizza Convey, Pizza Hut and Question Italian-proprietor Azzurri Team have undertaken main restructures immediately after places to eat were being forced to temporarily shut in the face of the pandemic.
Prezzo mentioned it has “outperformed” the sector this yr inspite of Covid-19, hailing “robust trading” prior to March and amongst England’s two national lockdowns.
The value of the sale was not disclosed but arrives 6 decades just after TPG acquired the chain for far more than £300 million.
In 2018, the team underwent a company voluntary arrangement (CVA) that saw one particular 3rd of its about 300 sites shut and finished a financial debt-for-fairness swap.
Karen Jones, govt chair of Prezzo, mentioned: “We are delighted to be teaming up with Jonathan (Goldstein) and Cain Worldwide.
“Together, we consider our shared belief in excellent hospitality and entrepreneurial method mixed with a restaurant small business centered in the significant streets of the United kingdom, represents a highly effective blend for the occasions we live in.
“As we glance forward to this new chapter, I would like to acquire this chance to also thank TPG and our other shareholders for their priceless support and perform over the years.”
Jonathan Goldstein, chief executive and co-founder of Cain Worldwide, will join Prezzo’s board of directors pursuing the completion of the offer, which is predicted to go through afterwards this thirty day period.
Mr Goldstein said: “We firmly imagine that powerful hospitality and leisure brands with disciplined management will thrive in a write-up-Covid landscape.
“Prezzo has a obvious eyesight for how to best provide its consumers and communities and I am confident that the blend of Cain’s operational and economic know-how, the remarkable management crew led by Karen, and the dedication of Prezzo’s whole workforce will help the business enterprise to realise its total potential.
“We are really enthusiastic about becoming a member of the Prezzo household and putting it on a path toward renewed expansion.”