Transaction Details

February 3, 2015
London

Sector

Consumer, Retail, E-commerce and Leisure

Deal Type

M&A

Deal Value

£303.7m

Deal Team

Sam Fuller, Phil Adams, Katherine Hobbs, , Tim Richardson, Alex Smith, Declan O’Connor, Octavia Wayne

Sale of Prezzo Plc to TPG

GCA Altium has advised Prezzo Plc, a UK-based restaurant operator, on its £304m public-to-private buyout by TPG. This transaction underlines GCA Altium’s established position in the restaurant and leisure sectors.

Established in 2001 by the Kaye family, Prezzo is a 251 unit, branded restaurant operator in the UK casual dining sector. The Company’s principal trading brand is Prezzo, which offers contemporary Italian food from over 200 units. The Company also operates the ChimiChanga and Cleaver brands. Prior to the transaction, Prezzo was a public company quoted on London’s AIM market.

GCA Altium acted as exclusive financial adviser to Prezzo, providing a full range of services including public company advisory services in relation to the UK City Code on Takeovers and Mergers, including its role as the Company’s Rule 3 adviser. We approached a range of strategic and financial investors with known interest in the UK restaurant sector, successfully negotiating an all-cash offer that saw the Kaye family exit in full alongside the wider shareholder base.

TPG’s investment will allow Prezzo to optimise its growth trajectory and future potential.

“Prezzo has a long-standing relationship with GCA Altium and we are delighted to have worked with them on this occasion to secure a good buyer for the Company. They used both their knowledge of the Company and their sector expertise to run a thorough and effective sales process,” said Jonathan Kaye, Founder and CEO of Prezzo. “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 GCA Altium, said: “The Prezzo deal is the latest example of GCA 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.”

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