Prezzo sold to Swinger’s and AllBright owner Cain International
The company had previously been bought by a different private equity firm
(PA)Prezzo has been bought by private equity firm Cain International for an undisclosed amount.
It was announced on Wednesday that the firm bought the chain as a going concern - meaning a company is trading profitably - from another PE outfit, TPG. The transaction is expected to complete later this month.
Existing management of the 180-site chain is set to be retained, with Cafe Rouge founder Karen Jones staying on as executive chair. The announcement did not mention any changes to the chain's 3,000 staff.
Cain International, which already owns London-based brands including crazy golf chain Swingers and Anna Jones and Debbie Wosscow's women-only private members' club The AllBright, said its investment will help Prezzo achieve its ambition to become the "UK's favourite Italian" and will "help reinvigorate high streets".
The sale comes six years after TPG bought the chain for more than £300 million. Prezzo underwent a company voluntary arrangement (CVA) restructure model in 2018 which saw around 300 sites close around the country.
Announcing the move, Prezzo said it had "outperformed" over the past year and that the partnership "marks a new chapter".
Jonathan Goldstein, chief executive and co-founder of Cain International, is to join Prezzo’s board of directors.
He said: “We firmly believe that strong hospitality and leisure brands with disciplined leadership will thrive in a post-COVID landscape.
"Prezzo has a clear vision for how to best serve its customers and communities and I am confident that the combination of Cain’s operational and financial expertise, the exceptional management team led by Karen, and the commitment of Prezzo’s entire workforce will enable the business to realise its full potential."
Jones said: "We are delighted to be teaming up with Jonathan (Goldstein) and Cain International.
"Together, we think our shared belief in great hospitality and entrepreneurial approach combined with a restaurant business based in the high streets of the UK, represents a powerful blend for the times we live in."
Read More
Supermarket staple Hovis sold to private equity
Comment: Why private equity won't bid for BT
AllBright ups valuation to £100 million ahead of global expansion
