L’osteria takes majority stake in Pizza Pilgrims
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 [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of [members only].
-> Deep-dive in Retail & Consumer market trends
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
[members only]
Equity Value
[members only]
Multiples
EV / Revenue
[members only]
EV / EBITDA
[members only]
EV / EBIT
[members only]
Historical Financials (GBP)
Other operations with L’osteria
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 01/2023 | MCWIN CAPITAL PARTNERS | L’OSTERIA | GERMANY | Restaurants / Chains |
Similar deals in Hospitality & Leisure
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 09/2025 | MCWIN CAPITAL PARTNERS | FLAT IRON | UNITED KINGDOM | Restaurants / Chains |
| 09/2025 | SPOON BRANDS | ROSSOPOMODORO | ITALY | Restaurants / Chains |
| 08/2025 | MONTEFIORE INVESTMENT / CERES INDUSTRIES CAPITAL / CFJ (COMPAGNIE FINANCIÈRE JOUSSET) | KARAVEL | FRANCE | Tour Operators |
| 08/2025 | FREEMAN SPOGLI | PHILZ COFFEE | UNITED STATES | Restaurants / Chains |
| 06/2025 | HYATT | PLAYA HOTELS & RESORTS | NETHERLANDS | Hotels & Accommodation |
| 04/2025 | PIPER | YARD SALE PIZZA | UNITED KINGDOM | Restaurants / Chains |
| 04/2025 | LEONARD GREEN & PARTNERS | CRUNCH FITNESS | UNITED STATES | Hospitality |
| 03/2025 | ADIA | EUROPEAN CAMPING GROUP (ECG) | FRANCE | Hotels & Accommodation |
| 03/2025 | QUATTROR / ANTHILIA CAPITAL PARTNERS | CIGIERRE | ITALY | Restaurants / Chains |
| 02/2025 | TIP - TAMBURI INVESTMENT PARTNERI | ALPITOUR | ITALY | Travel |
REFERENCES
Revenue range: REV £25–50M
EBITDA range: £0–5M
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Pizza Pilgrims by L’osteria 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: pizza pilgrims
FAQ
What transaction does this page cover?
What were Pizza Pilgrims’s revenue and EBITDA at the time of the deal?
What sources support the information on this transaction?
What is mynth?