La Piadineria acquired by CVC

CVC Capital Partners agreed on 15 January 2024 to acquire the whole of La Piadineria from Permira, investing through its eighth fund, at an enterprise value reported at €500M–1.5bn, an EV/EBITDA multiple of 10x–18x on 2023 figures. Completion was expected during the first half of the year, subject to regulatory approvals, and chief executive Andrea Valota continued to lead the business with chairman Donato Romano. Founded in 1994 at Brescia, La Piadineria operates quick-service restaurants selling piadina, the thin wheat flatbread of Romagna, filled to order with cured meats, cheese and vegetables. Each outlet cooks the bread on the premises from dough produced at the company’s plant at Montirone, and the chain extends to more than 400 restaurants across 65 Italian cities, employing over 2,500 people and serving around 70,000 customers a day. Revenue reached €100–200M in 2023 with an EBITDA of €50–100M. Producing the dough centrally is what allowed a regional speciality to be sold at that scale, since a piadina made by hand in each kitchen varies with whoever makes it, while one cooked from identical dough on identical equipment does not, and the preparation remains visible to the customer at the counter. Italian eating habits moved towards quick and portable meals through the pandemic years, when seated restaurants closed or reduced their floor space, and the company continued opening throughout that period. Permira had acquired the business at the start of 2018 for a reported 250 million euros, when it operated 160 restaurants with around 1,000 employees, roughly 60 million euros of revenue and 20 million of EBITDA, and both revenue and earnings tripled over the six years that followed. CVC intended to continue opening in Italy, to extend into other quick-service formats and to develop abroad, the company having opened its first French restaurant in 2017. Lazard and Jefferies advised CVC, with PedersoliGattai as legal counsel and Bain, OC&C, Alvarez & Marsal, New Deal Advisors and Facchini Rossi Michelutti on due diligence, while Rothschild & Co and Mediobanca advised Permira, with Legance as counsel and BCG, EY, Simon-Kucher and Maisto & Associati on due diligence.

In the past, La Piadineria was acquired by Permira in 2017 as part of its expansion strategy.