Chinese buy international pizza chain

A Chinese private equity firm Hony Capital has snapped up an international pizza chain with a view to hastening its expansion.

Hony has bought British-based PizzaExpress from Cinven Ltd, owner of Gondola Group, the chain’s operator, for around £900 million (US$1.5 billion). Pizza Express has 436 PizzaExpress UK restaurants and 68 internationally, including 22 in China.

PizzaExpress CEO Richard Hodgson described the sale as “a very positive development at an exciting time for the business”, adding that the chain is set for expansion across Asia.

“Asia is a key part of our future growth strategy and Hony’s expertise in this region will be invaluable,” Hodgson said.

Hony Capital CEO John Zhao, says the investor’s local expertise should help PizzaExpress accelerate its growth in the Chinese market.

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