PizzaExpress

PizzaExpress pays the bill

PizzaExpress raises $1 billion to fund its LBO despite weakening markets and its new owner Hony talks to FinanceAsia about expansion plans.

British restaurant chain operator PizzaExpress has managed to swiftly raise 610 million $1 billion to fund a leveraged buyout by Chinese private equity firm Hony Capital despite weakening high-yield bond markets.

Hony agreed in mid-July to buy PizzaExpress for about 900 million $1.54 billion.

The well-known PizzaExpress brand, recovering consumer spending at UK restaurants and Hony Capital’s ambitions for the company in China offset volatile junk bond markets whilst the British firm was marketing itself with investors.

“Pizza Express has a very mature business model and has been bought and sold a number of times so it is well understood,”...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222