Italian restaurant chain Prezzo has been bought by private equity firm Cain International, the companies announced this afternoon.
Cain International, which also holds stakes in Competitive Socialising – the owner of Swingers crazy golf – and women’s private members club The Allbright, said Prezzo has outperformed the struggling casual dining sector over the last 12 months.
It said the high street restaurant chain traded robustly in the lead up to lockdown in March, and in the intervening period between the first and second lockdowns.
The deal, which is expected to complete later this month, signifies a vote in confidence in the UK’s casual dining sector, which has been battered by the coronavirus pandemic and lockdown restrictions.
Cain International said it will support Prezzo’s ambition to become the “UK’s favourite Italian” and help reinvigorate high streets as they begin to recover from the Covid-19 crisis.
Prezzo’s management team, led by executive chair Karen Jones, who co-founded Cafe Rouge, co-invested in the deal.
Jonathan Goldstein, chief executive of Cain International, 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.”