Privately held investment firm Cain International has acquired Prezzo as a going concern.
The investment includes co-investment by Prezzo's management team and will see Karen Jones continue as executive chair, the role she has held since 2018.
Jonathan Goldstein, chief executive and co-founder of Cain International, will join Prezzo's board of directors following completion of the transaction, expected later this month.
Cain International's UK hospitality and leisure portfolio includes experiential crazy golf brand Swingers; Maslow's Group, which operates private members' club Mortimer House; and the AllBright club for women in business.
Goldstein 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."
Jones added: "We are delighted to be teaming up with Jonathan 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."
Founded in 2000, Italian chain Prezzo has around 180 sites across the UK's high streets, leisure parks and tourist destinations.