Cinven exploring Pizza Express exit
Cinven is exploring the sale of Gondola Holdings' UK pizza restaurant chain, Pizza Express, in a deal worth at least £1bn, unquote” has learned.
It is understood the process will take place over the coming weeks.
The GP took Gondola private in a £900m deal in December 2006, according to unquote" data. At the time, Gondola also held the Ask and Zizzi brands.
Under Cinven's stewardship, the group acquired high-end burger chain Byron, which it sold to Hutton Collins Partners for £100m in October 2013.
In the same month, Cinven appointed advisers to review its options for Gondola, with the expectation that it would continue divesting businesses in early 2014.
The chances of Pizza Express going to another private equity firm are high, based on the asset class's love for the sector; read our analysis on the industry's attraction to casual dining here.
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