PAI PARTNERS takes majority stake in EUROPEAN PIZZA GROUP (EPG)
Context
Announced in April 2023, the definitive joint venture agreement between PAI Partners and Nestlé carves out the Swiss conglomerate’s European frozen-pizza operations to create an independent commercial platform generating in annual revenue. Structured with equal equity ownership and 50-50 voting rights, the transaction establishes governance parity between the private equity sponsor and the multinational corporate partner. The investment is backed by the PAI Mid-Market Fund, reinforcing a proven partnership model between the two groups. Marco Settembri, Executive Vice President and CEO of Zone Europe at Nestlé, mandated the carve-out following a strategic review, determining that an external alliance with a dedicated management team would best accelerate growth and expand market share across Europe. Through this structure, Nestlé retains an ongoing stake in the assets' future value creation, while PAI replicates its operational value-creation playbook in the consumer goods space. The transaction is subject to consultations with local works councils and employee representative bodies, alongside customary approvals from European regulatory and antitrust authorities. Subject to these closing conditions, completion and operational launch of the standalone joint venture are slated for the second half of 2023.
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Target
Located in Germany for its central administrative headquarters, the European frozen pizza division of Nestlé formulates, manufactures, and distributes prepared meals across the continental market. The industrial infrastructure relies strictly on two dedicated manufacturing facilities situated in Nonnweiler, Germany, and Benevento, Italy, to ensure localized production for its international supply chain. To reach end consumers, the food and beverage operator distributes its packaged consumer goods under three primary proprietary brands: Wagner, Buitoni, and Garden Gourmet. The commercial footprint covers multiple distinct national jurisdictions, systematically supplying major grocery retailers and specialized distributors in Germany, Italy, France, Spain, Switzerland, Portugal, Austria, Belgium, and the Netherlands. By operating this extensive network of specialized production lines and targeted distribution channels, the corporate division specifically addresses the recurring retail demand for frozen pizzas across these nine distinct Western and Southern European territories.
Ent. Value
Equity Value
Multiples
EV / Revenue
EV / EBITDA
EV / EBIT
Historical Financials (EUR)
Other operations with EUROPEAN PIZZA GROUP (EPG)
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 09/2026 | EUROPEAN PIZZA GROUP (EPG) | Crosta Mollica | UNITED KINGDOM | Food Products |
REFERENCES
Revenue range: 250M - 500M EUR
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Press release: view release
Acquirer: pai partners