Private investment firm Cain International has agreed to acquire casual dining chain Prezzo as a going concern.
The deal for Prezzo, which operates across 180 locations in the UK, is expected to complete later this month.
Cain International said the chain had outperformed the sector over the past 12 months, highlighting strong trading in between the first and second national lockdowns.
Prezzo’s management team, led by executive chair Karen Jones, is co-investing in the acquisition.
Cain International’s UK hospitality and leisure portfolio includes crazy golf brand Swingers; Maslow’s Group, which operates private members’ club Mortimer House; and The AllBright, a collective for women in business.
Jonathan Goldstein, chief executive and co-founder of Cain International, will join Prezzo’s board of directors after the deal completes.
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.”
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