This transaction represents Cinven's complete exit from its investment in the Gondola Group, the market leader in the UK casual dining sector, following the sale of the Pizza Express and Byron restaurant brands.
Zizzi and ASK currently operate 136 and 109 restaurants, respectively, across the UK. The acquisition of ASK and Zizzi by Bridgepoint will enable the companies to continue the strong trading momentum and further develop their footprint in the UK. Following the transaction, ASK and Zizzi's management team will remain with the business.
The Travers Smith team, which advised its long-standing client Bridgepoint, was led by private equity partners Ian Shawyer and Edmund Reed. They were supported by associates Joanna Roberts, William Young and Stephanie Young. Finance advice on the transaction was provided by partner Jeremy Walsh and Senior Counsel Barry Newman. Tax team included partner Simon Skinner and associates Jessica Kemp and Lauren Causon.
Other advisers who assisted Bridgepoint in this transaction included: Cannacord (financial advisor), KPMG (financial & tax), Pragma (commercial due diligence), ERM (environmental consultancy) and Marsh (insurance). The Gondola Group was assisted by: Rothschild (financial advisor), Freshfields Bruckhaus Deringer (legal), PwC (financial vendor due diligence) and OC&C Strategy Consultants (commercial vendor due diligence).