OpCapita has acquired casual dining restaurant group Sebeto from Change Capital Partners.
Deal value was undisclosed, but Reuters reports that the deal was valued at more than €80m, quoting two sources close to the transaction.
Sebeto runs restaurants in Italy and 11 other countries, including its flagship Rossopomodoro pizza chain, which has more than 60 branches in Italy and more than 20 outlets across the rest of Europe and the US. Sebeto operates four other brands in addition to Rossopomodoro. The business also has a partnership with upmarket Italian food retailer Eataly, supplying pizza to Eataly’s international stores.
OpCapita said there is scope to further improve the Rossopomodoro brand in Italy, reinforcing its position as the country’s leading domestic pizza brand and taking advantage of the growth in casual dining in the country. The firm believes Rossopomodoro’s distinctive Neopolitan identity positions the company strongly overseas.
Following the deal Marco Airoldi, former chief executive officer of Benetton and former senior partner at the Boston Consulting Group, will join Sebeto as executive deputy chairman. Roberto Colombo, former chief operating officer of Autogrill, will become chief executive. In addition operating partner Stephen Alexander and Joshua Spoerri will represent OpCapita on the company’s board.
Sebeto founders Franco Manna and Pippo Montella will remain on the board, with Manna chairing the business and Montella handling key supplier relationships.
The acquisition of Sebeto is the third investment from the OpCapita Consumer Opportunities Fund II and marks the firm’s first investment in Italy. Earlier investments include The Football Pools, the UK gaming operator, and Merkal Calzados, a Spanish footwear retailer.
Rothschild advised Change Capital. Lazard advised OpCapita. Legal advisors on the deal were Chiomenti, advising OpCapita, Legance Avvocati Associati advising Change Capital and Studio Legale Ambrosino-Pecora advising the founders and other shareholders.