Cain International, the privately held investment firm led by Jonathan Goldstein,has acquired Italian casual dining chain, Prezzo, with 180 sites.
The partnership marks a new chapter for Prezzo under the leadership of Executive Chair Karen Jones CBE and her management team.
The investment, which includes co-investment by Prezzo’s management team, will support the business’s ambition to become the 'UK’s Favourite Italian' and help reinvigorate high streets across the UK as they rebound from the COVID crisis.
Jones joined as Executive Chair in 2018 and refocused Prezzo on its core hospitality skills, resulting in positive customer feedback and improved portfolio performance.
Prezzo has outperformed the sector over the last 12 months with robust trading leading up to the lockdown in March, and in the intervening period between the March and October lockdowns. These periods of trading, together with the new support from Cain International, give Prezzo a strong platform for its future growth.
Cain International is a long-term investor with a commitment to responsible ownership. The firm’s current UK hospitality and leisure portfolio includes experiential crazy golf brand Swingers; Maslow’s Group, which operates private members’ club Mortimer House; and The AllBright, the collective for women in business.
Goldstein, Chief Executive and co-founder of Cain International, will join Prezzo’s board of directors following completion of the transaction, which is expected to complete later this month.
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 said, “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.”