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Cinven agrees £900m Pizza Express sale to Hony Capital

14 Jul 2014

pizza expressChinese private equity firm Hony Capital has agreed a £900m deal to buy the parent business of UK restaurant chain Pizza Express from fellow buyout house Cinven.

Hony CEO John Zhao said he hoped the firm would be able to accelerate Pizza Express’ growth in the Chinese market, where it already has 22 restaurants.

Cinven was said to be hoping to collect $1bn for the business but saw bids fall short.

Reports last week said bidders including TDR Capital had offered £850m for the company, with other interest coming from Citic Capital Partners Chinese conglomerate Fosun.

TPG Capital and Advent International had also expressed interest in the chain but pulled out of the auction process.

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