TPG to Buy UK’s Restaurant Chain Prezzo
Published on Nov 6 2014 8:18 AM in Restaurant
TPG, a US private-equity firm with $66 billion in assets under management, agreed to purchase British restaurant chain Prezzo Plc in a transaction valuing the company at about £303.7 million ($486 million).
Under the terms of the deal, Prezzo shareholders will be entitled to receive 126.5 pence in cash for each share, the companies said in a joint statement today. The transaction values Prezzo at 9.9 times its reported adjusted earnings before interest, taxes, depreciation, and amortization of £28.9 pounds for the 12 months through 2013.
“The Prezzo story is one of consistent and robust growth, driven by a business model based on operational excellence,” Abel Halpern, partner of TPG, said in the statement. “We look forward to taking Prezzo to the next level and optimizing the company’s full potential.”
Prezzo, founded in 2000, operates 249 casual dining restaurants throughout the UK, according to the statement.
Bloomberg News, edited by Hospitality Ireland