British Chain Prezzo Sold To Texas Equity Firm
The casual dining Italian-style group Prezzo has accepted a takeover offer from the Texas-based private equity firm, TPG. The deal is worth £304 million ($483 million). Founded in 2000 in Oxford, Prezzo currently has nearly 250 restaurants across the U.K., including more than 200 under the core Prezzo brand and 37 under its Mexican-themed Chimichanga brand. The Kaye family, which founded Prezzo and the chains Zizzi and Ask, controls a nearly 60% stake of the Prezzo chain.