LA PIADINERIA
Acquired by
PERMIRA
LA PIADINERIA acquired by PERMIRA
Target
LA PIADINERIA
Acquirer
PERMIRA
Context
Permira acquired a controlling stake in La Piadineria from the specialized fund Idea Taste of Italy (managed by Dea Capital Alternative Funds). The high valuation reflects the intense competition during the auction (bidders included Bain, Carlyle and L Catterton). The seller reinvested to keep a minority stake (10%) alongside the management team. The deal aims to accelerate store openings in Italy and establish a presence in European markets, starting with France (Nice and Marseille).
LA PIADINERIA, which reported an EBITDA margin of LOGIN in 2017, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN premium to the 10.9x average currently observed in the Retail & Consumer sector.
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Target
Founded in 1994, La Piadineria transformed a traditional regional street food (the "Piadina") into a scalable, modern and fast-casual chain. The company operates a network of 165 restaurants (2017) located primarily in shopping centers and urban hubs accross Northern and Central Italy.
Ent. Value
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Equity Value
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Multiples Analysis
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
Other operations with LA PIADINERIA
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