CVC sells Grupo Zena to Alia Capital

The GP was reported to be nearing the sale of its stake in April; at the time, Polish group Amrest, which bought Restauravia from Corpfin Capital in 2011, was expected to emerge as the winning bidder. Estimates placed deal value at around €250m.

Inveralia is a former backer of the business. In 2007, Alia Capital span out of Inveralia via a management buyout. The GP focuses on mid-market investments in Spain and Mexico.

Previous funding
In 2001, CVC joined forces with Inveralia to buy Grupo Zena and took a 60% stake in the firm, according to unquote" data. Debt was provided by Rabobank. CVC was understood to have paid around €93m.

In 2005, the owners were reported to be planning the sale of a 70% stake in the business for €200-300m.

In 2009, Inveralia sold its 29% stake in the firm to Britania Investment, in a deal estimated at €53m. Financing for the deal, thought to be worth €19m, was handled by the London branch of ING.

Company
Zena was created in 2001 via the merger of cafeterias California and Cenesa. It operates brands including Fosters Hollywood and holds the franchise to Burger King, Pizza Hut and KFC.

In 2013, the company is thought to have reached a turnover of €283m, with EBITDA of €34m. At the time of CVC's original investment, turnover stood at €126m, with EBITDA around the €12m mark. Staff headcount has risen from 4,500 to 6,400, with the firm's restaurant network rising from 205 to 460.

 

 

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• Topics
• Southern Europe
• Consumer
• Exits
• Buyouts
• Spain
• CVC Capital Partners
• Secondary buyout