mynth
11/2015MajorityLBO

BC Partners takes majority stake in Cigierre

ITALY Hospitality & Leisure / Hospitality / Restaurants / Chains EV €300–700M

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)

Year
Rev
EBITDA
EBIT
2014
€100–200M
€25–50M
[members only]
2013
€100–200M
€25–50M
[members only]

Other operations with Cigierre

Other operations with Cigierre
DateAcquirerTargetCountrySector
03/2025QUATTROR / ANTHILIA CAPITAL PARTNERSCIGIERREITALYRestaurants / Chains

Other operations with BC Partners

Other operations with BC Partners
DateAcquirerTargetCountrySector
06/2018BC PARTNERSFORNO D’ASOLOITALYBakery / Pastry
10/2017BC PARTNERSCERAMTECGERMANYGlass & Ceramics
05/2017BC PARTNERSDENTALPROITALYDental Centers
07/2016BC PARTNERS / PSP INVESTMENTSKETERISRAELHome & DIY
07/2015BC PARTNERSCÔTE RESTAURANTSUNITED KINGDOMRestaurants / Chains
06/2015BC PARTNERSPHARMATHENGREECECDMO
12/2014BC PARTNERS / CDPQ - CAISSE DE DEPOT ET PLACEMENT DU QUEBECPETSMARTUNITED STATESPet Care
06/2013BC PARTNERSANTELLIQFRANCEAnimal Health
08/2012BC PARTNERSAENOVA GROUPGERMANYCDMO
09/2005BC PARTNERSFITNESS FIRSTUNITED KINGDOMHospitality

Similar deals in Hospitality & Leisure

Similar deals in Hospitality & Leisure
DateAcquirerTargetCountrySector
04/2016ACCOR HOTELSONEFINESTAYUNITED KINGDOMHotels & Accommodation
12/2015PAI PARTNERSGROUPE B&B HOTELSFRANCEHotels & Accommodation
09/2015ICGCOURTEPAILLEFRANCERestaurants / Chains
07/2015STIRLING SQUARE CAPITALSIBLU VILLAGESFRANCEHotels & Accommodation
07/2015BC PARTNERSCÔTE RESTAURANTSUNITED KINGDOMRestaurants / Chains
05/2015PERMIRAVACANCESELECTFRANCEHotels & Accommodation
12/2014BRIDGEPOINTAZZURRI GROUPUNITED KINGDOMRestaurants / Chains
11/2014TPGPREZZOUNITED KINGDOMRestaurants / Chains
10/2014INTERVAL LEISURE GROUPHYATT RESIDENTIAL GROUPUNITED STATESHotels & Accommodation
07/2014GOLDEN GATE CAPITALRED LOBSTER SEAFOODUNITED STATESRestaurants / 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

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Cigierre, an Italian company specialised in Hospitality, by BC Partners in 2015, structured as a leveraged buyout (LBO). Ownership has since evolved, leading to a subsequent transaction with Quattror / Anthilia Capital Partners in March 2025 (see the dedicated deal page for details).

How was the acquisition of Cigierre by BC Partners valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €300–700M band, its EV/EBITDA multiple within the 5x - 12x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were Cigierre’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Cigierre generated annual revenue estimated in the €100–200M range and EBITDA in the €25–50M bracket (FY 2014). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

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