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Prezzo accepts takeover offer worth £304m

07 November 2014 by
Prezzo accepts takeover offer worth £304m

Casual dining Italian-style group Prezzo has accepted a takeover offer from Texas fund TPG, worth £304m.

The Kaye family-owned brand had appointed investment bank Altium Capital to oversee talks on the bid. In October, interested private equity firms had been granted more time to make a firm offer, and it was reported at the time that Advent International had also made a preliminary offer.

According to the http://www.ft.com/cms/s/0/32be9c14-659f-11e4-aba7-00144feabdc0.html#axzz3IN3ppzVu" target="_blank" rel="noreferrer">Financial Times, Abel Halpern, a partner at TPG, said: "The Prezzo story is one of consistent and robust growth, driven by a business model based on operational excellence. We look forward to taking Prezzo to the next level and optimising the company's full potential."

Founded in 2000 in Oxford, Prezzo now runs to 249 restaurants across the UK. The takeover will reportedly not seek to change the group's overall offer.

Deadline for Prezzo takeover offers extended >>

Caterer 100: Jonathan Kaye, Prezzo, Chimichanga >>
Prezzo plans 25 openings in 2013 as profits rise to £17.3m >>

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