Gondola Holdings set to return to private hands under Cinven

12 September 2006
Gondola Holdings set to return to private hands under Cinven

Pizza Express owner Gondola Holdings is set to return to private hands less than a year after floating on the Alternative Investment Market.

Paternoster Acquisitions, a bid vehicle formed by private equity Cinven, announced today that it was about to make a 415p per share cash offer for the group, which would value it at around £560m.

Gondola is 48% owned by private equity firms TDR Capital and Capricorn Ventures, which have agreed to sell at least 25.1% of their share holding to Cinven.

Fidelity, Gondola's largest institutional investor, holds 10%.

Post-flotation last November, TDR and Capricorn reduced their combined stake from around 80%.

Gondola also owns the Zizzi and Ask chains.

Gondola appoints Reynolds Catering Supplies as main agent >>

PizzaExpress owner ups new openings rate >>
By Chris Druce

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