Pizza Express has been acquired by Chinese private equity company Hony capital in a deal thought to be worth around £900 million and after strong interest from other investors.
Pizza Express employs over 9,000 workers worldwide, and has a total of 504 restaurants, including 436 in the UK, and 68 internationally, where it has restaurants in China, Dubai, Hong Kong, India, Kuwait and the UAE.
Hony Capital is buying it from the London-based private equity firm Cinven, owner of the Gondola Group restaurant chain, which also runs Zizzi and Ask Italian. Cinven sold Byron Hamburgers last year for around £100m to Hutton Collins Partners.
Pizza Express may increase its rate of both UK and international expansion under its new owners: its 22 restaurants in China, whilst a good starting point, are still only a small footprint in such a large potential market.
It remains to be seen whether and for how long Cinven will retain Gondola and their Zizzi and Ask Italian brands.