Beijing-based Hony Capital has bought PizzaExpress, the British restaurant chain, for about ￡900m in the latest example of China’s growing appetite for overseas investments.
The sale comes after PizzaExpress owner Cinven, the London-based buyout group, explored plans last year to sell Gondola Group, the parent company that owns the pizza chain along with other restaurant assets, including Zizzi.
Cinven has moved to dispose of individual chains within the group after reckoning it would be difficult to find a private buyer for the entire business. It sold Byron, the gourmet burger chain, in October for ￡100m. Cinven declined to comment.
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