Altium has advised Prezzo, a UK-based restaurant operator, on its GBP304m public-to-private buyout by TPG.
Established in 2001 by the Kaye family, Prezzo plc is a 251-unit restaurant operator in the UK casual dining sector. The group is most famous for its Italian restaurant chain of the same name, which opened its first restaurant on New Oxford Street, London in November 2000 and now offers contemporary Italian food across its 200 sites. As well as the household franchise, the company also operates the ChimiChanga and Cleaver brands.
TPG Capital is a leading global private investment firm with $65bn of funds under management. The investment giant has considerable experience in the fast food and casual dining market, with the likes of global fast food restaurant Burger King among its 300-company strong portfolio.
As a result of the transaction, Prezzo has been removed from London’s AIM market, where it had been listed since March 2002. The investment from TPG will allow the business to optimise its growth trajectory and future potential.
A team at Altium led by managing director Sam Fuller acted as exclusive financial adviser to Prezzo, providing a full range of services including public company advisory services.
Jonathan Kaye, founder and CEO of Prezzo, says: “Prezzo has a long-standing relationship with Altium and we are delighted to have worked with them on this occasion to secure a good buyer for the business. They used both their knowledge of the company and their sector expertise to run a thorough and effective sales process.
“We are proud of what we have achieved with Prezzo and look forward to working with TPG to take the company to the next stage."
Sam Fuller, managing director at Altium, says: “The Prezzo deal is the latest example of Altium’s long and successful history of advising companies in the UK restaurant sector. We worked with the company to market the business to a selected group of financial and strategic acquirers in order to secure a good cash offer for all shareholders. Ultimately, TPG came forward as the optimal acquirer to provide the support and investment required for the next phase of the company’s growth.”
