PIZZA PILGRIMS acquired by L’OSTERIA
Context
L’Osteria (backed by McWin Capital Partners) agrees to acquire a majority stake in Pizza Pilgrims. The transaction is structured as a strategic partnership: Pizza Pilgrims will remain an independent brand, with founders Thom and James Elliot staying involved full‑time, while Gavin Smith and Sophie Gilchriest are promoted to CEO and CFO, respectively, to lead the next phase of growth. L’Osteria intends to use its experience in Italian casual dining, multi‑country operations, and supply chain / site‑roll‑out knowledge to support Pizza Pilgrims’ “measured expansion” in the UK and its international ambitions in Europe, including potential new markets and additional sites. The group aims to grow Pizza Pilgrims from 25 to around 38 locations by 2027. The founders describe the partnership as a “one‑plus‑one‑equals‑three” model, emphasizing strong cultural alignment and shared passion for Italian‑style hospitality.
PIZZA PILGRIMS, which reported an EBITDA margin of in 2024, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Retail & Consumer sector (10.6x).
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Target
Pizza Pilgrims is a UK‑based casual‑dining pizzeria chain founded in 2012 by Thom and James Elliot, which started as a market stall in Soho and has grown into a 25‑unit estate across the UK. The group specializes in Neapolitan‑style pizzas and Italian‑inspired food and drinks, with a strong “hospitality‑first” culture and a loyal following among urban consumers.
Ent. Value
Equity Value
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Historical Financials (GBP)
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REFERENCES
Revenue range: 25M - 50M GBP
EBITDA range: 0M - 5M GBP
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Target: pizza pilgrims
Acquirer: l’osteria