Hony wholly-owned acquisition of British casual dining brand PizzaExpress

Beijing Capital Times (Reporter Hu Xiaohong) Last weekend, Legend Holdings Hony Capital announced that it invested about 900 million pounds (equivalent to about 9.55 billion yuan), a wholly owned British casual dining brand PizzaExpress, which has also become the European restaurant industry in the past five years The largest amount of mergers and acquisitions.

Founded in 1965 in London, United Kingdom, PizzaExpress is a chain of casual Italian restaurants specializing in authentic Italian pizza, renowned for its fresh, healthy, culinary surroundings. There are currently 435 stores in the UK and 70 stores in other parts of the world. Among them, there are 22 stores in Greater China (including Beijing, one in Shanghai, nine in Shanghai and twelve in Hong Kong). All of its stores are currently profitable, with profits of 90 million pounds (about 950 million yuan) last year.

It is understood that the current chain of pizza operators in China has nearly 1,500 stores in size. CEORichardHodgson of PizzaExpress said that Asia, especially the Chinese market, plays a key role in the future development of the company. He believes Hony, which has experience in cross-border investment, can take the company to a new height.

According to report, PizzaExpress in China after the name of PizzaMarzano (immediately promise), from April this year, the global unity changed to PizzaExpress.

Hony Capital, chairman of the board chairman of Legend Holdings Liu Chuanzhi. For the acquisition of the source of funds, Hony Capital, the relevant person in charge of the Beijing Times Times reporter said "temporary confidentiality", but left a suspense said "future disclosure, will be very exciting."

>> Experts say

Invest in pizza or make a profit for the market

"Nearly 100 billion acquisition price is indeed surprising," said Chi Chi Chi, chairman of Beijing Chi from the future Marketing Advisory Group, said China's catering brands have not yet reached such a high valuation, the main store resources PizzaExpress overseas, Almost empty country, perhaps this is the reason leading to its high valuation.

Li Zhi said that from Hony's investment point of departure, it is certainly the first acquisition, expansion and expansion in the country, and ultimately will go to the capital market. Now such a high valuation, but also for the future IPO higher valuation laid the foundation. Shen Meng, the executive director of Hongsong Capital, agrees: "Hongyi's goal is not to really make fast food, but to get the investment returns by merely grafting pizza to the Chinese market and making an IPO or resale story."