The Italian restaurant chain Prezzo has been bought by private equity giant, Cain International for an undisclosed sum, six-years after TPG bought it for over £300m.
Previously the private equity firm TPG bought the business as a going concern, which means it could only trade with profit.
Cain said in a statement that they intend to make Prezzo the “favourite Italian” restaurant across the 180 sites in the UK.
Karen Jones, executive chair of Prezzo 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.
“As we look forward to this new chapter, I would like to take this opportunity to also thank TPG and our other shareholders for their invaluable support and work over the years.”
Jonathan Goldstein, chief executive and co-founder of Cain International 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.
“We are extremely excited about joining the Prezzo family and putting it on a path toward renewed growth.”