Bridgepoint to Acquire Cinven's Gondola Assets for £250M
December 03, 2014
Bridgepoint has agreed to acquire the remaining assets of the Gondola Group, comprised of 245 ASK Italian and Zizzi restaurants, from Cinven for a total consideration of £250 million. Cinven had previously sold Gondola's other assets, including PizzaExpress, for approximately £1 billion combined. The firm's total sale proceeds of roughly £1.3 billion represent a 2.4x return on its 2007 investment in Gondola. ASK and Zizzi have had 22% compounded EBITDA growth over the last three years; the companies operate 109 and 136 U.K. locations, respectively.