LONDON: Chinese private equity firm Hony Capital has struck a deal with Gondola Group to buy Britain’s Pizza Express chain for about £900m ($1.6bn), the companies said yesterday.
Hony’s interest comes two months after Pizza Express expanded its empire of 500 restaurants to include its first Beijing-based pizzeria. The group already runs 12 restaurants in Hong Kong and nine in Shanghai. It has 436 in Britain. Private equity fund Cinven bought Pizza Express franchise owner Gondola in a public to private transaction in 2007 for $1.77bn.
Gondola, a prominent player in the UK casual dining sector, also owns ASK, Zizzi and Kettner’s, according to Cinven’s website.
“This transaction is the largest in the European restaurant sector in the past five years,” Gondola and Hony said in a joint statement. Reuters
