BC Partners takes majority stake in Cigierre
Context
BC Partners agreed to acquire a majority stake in Cigierre from founder and CEO Marco Di Giusto, L Capital, and Paladin Capital Partners in a secondary‑type buy‑out transaction, with the deal expected to close in early 2016 subject to regulatory approvals. The transaction is structured as a classic European private equity‑backed LBO, with BC Partners‑advised funds providing the controlling equity investment while the founder retains a minority stake and continues as CEO, preserving management continuity and entrepreneurial alignment. At the time of the deal, Cigierre operated over 180 casual‑dining restaurants across Italy, combining company‑owned and franchised sites under brands such as Old Wild West, Wiener Haus, Arabian Kebab, Kukkuma, and Shi’S, and had grown revenue and EBITDA by about 40% per year over the prior four‑year horizon, reflecting best‑in‑class unit economics and a strong development pipeline targeting 25 new openings annually. The Italian platform is positioned as a leading reference point for casual dining and restaurant franchising, with a clear roadmap to expand both existing formats and new concepts in Italy and, potentially, internationally.
The acquisition of Cigierre is part of the growth strategy of BC Partners, which already has several external growth operations under its belt, notably Côte Restaurants in 2015.
Cigierre, which reported an EBITDA margin of [members only] in 2014, is valued in this transaction at an EV/EBITDA multiple of 5x–12x.
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Target
Cigierre – Compagnia Generale Ristorazione S.p.A. is Italy’s leading casual‑dining restaurant group, operating a large network of themed, mid‑price dining formats across the country. Founded in 1995 in Udine, the company has grown into a multi‑brand platform with more than 360 locations, including around 230 company‑owned and over 130 franchised restaurants under brands such as Old Wild West, Wiener Haus, America Graffiti, Smashie, and Pizzikotto. These concepts span American‑style steakhouses and burger houses, Central European‑style meat‑focused outlets, and Italian‑style pizzerias, allowing Cigierre to capture a diversified customer base and time‑of‑day usage.
Ent. Value
€300–700M
Equity Value
[members only]
Multiples
EV / Revenue
1x–3x
EV / EBITDA
5x–12x
EV / EBIT
[members only]
Historical Financials (EUR)
Other operations with Cigierre
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 03/2025 | QUATTROR / ANTHILIA CAPITAL PARTNERS | CIGIERRE | ITALY | Restaurants / Chains |
Other operations with BC Partners
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 06/2018 | BC PARTNERS | FORNO D’ASOLO | ITALY | Bakery / Pastry |
| 10/2017 | BC PARTNERS | CERAMTEC | GERMANY | Glass & Ceramics |
| 05/2017 | BC PARTNERS | DENTALPRO | ITALY | Dental Centers |
| 07/2016 | BC PARTNERS / PSP INVESTMENTS | KETER | ISRAEL | Home & DIY |
| 07/2015 | BC PARTNERS | CÔTE RESTAURANTS | UNITED KINGDOM | Restaurants / Chains |
| 06/2015 | BC PARTNERS | PHARMATHEN | GREECE | CDMO |
| 12/2014 | BC PARTNERS / CDPQ - CAISSE DE DEPOT ET PLACEMENT DU QUEBEC | PETSMART | UNITED STATES | Pet Care |
| 06/2013 | BC PARTNERS | ANTELLIQ | FRANCE | Animal Health |
| 08/2012 | BC PARTNERS | AENOVA GROUP | GERMANY | CDMO |
| 09/2005 | BC PARTNERS | FITNESS FIRST | UNITED KINGDOM | Hospitality |
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|---|---|---|---|---|
| 04/2016 | ACCOR HOTELS | ONEFINESTAY | UNITED KINGDOM | Hotels & Accommodation |
| 12/2015 | PAI PARTNERS | GROUPE B&B HOTELS | FRANCE | Hotels & Accommodation |
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| 07/2015 | STIRLING SQUARE CAPITAL | SIBLU VILLAGES | FRANCE | Hotels & Accommodation |
| 07/2015 | BC PARTNERS | CÔTE RESTAURANTS | UNITED KINGDOM | Restaurants / Chains |
| 05/2015 | PERMIRA | VACANCESELECT | FRANCE | Hotels & Accommodation |
| 12/2014 | BRIDGEPOINT | AZZURRI GROUP | UNITED KINGDOM | Restaurants / Chains |
| 11/2014 | TPG | PREZZO | UNITED KINGDOM | Restaurants / Chains |
| 10/2014 | INTERVAL LEISURE GROUP | HYATT RESIDENTIAL GROUP | UNITED STATES | Hotels & Accommodation |
| 07/2014 | GOLDEN GATE CAPITAL | RED LOBSTER SEAFOOD | UNITED STATES | Restaurants / Chains |
REFERENCES
Valuation range: EV €300–700M
Revenue range: €100–200M
EBITDA range: €25–50M
EV/Revenue range: 1x - 3x
EV/EBITDA range: 5x - 12x
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Cigierre by BC Partners are reserved for mynth community members. Register for free to unlock full data.
Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Target: cigierre
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