La Piadineria: From Vision to International Reality

Founded in 1994 by two entrepreneurs in the heart of Brescia, La Piadineria began as a small eatery specializing in piadine and wraps, with just one dough mixer and the guidance of a relative's recipes from Emilia. The brand quickly gained traction, leading to the opening of additional locations in Brescia and the initiation of a franchise model.

Over the years, La Piadineria expanded its footprint across Northern Italy and ventured into Central Italy as well. Strategic partnerships and investors, including the Idea Taste of Italy Fund in 2015, facilitated this rapid expansion. By 2017, the company had opened its first restaurant in France, marking a significant step in its journey towards internationalization.

In 2018, La Piadineria came under the ownership of the international private equity firm, Permira, after doubling its revenues and store count. Despite challenges of the pandemic, La Piadineria now operates over 400 restaurants across 65 cities in Italy, compared to 160 locations in 2018. The product offering now includes over 30 types of piadine, all prepared from dough made at their Montirone facility and served to approximately 70,000 customers daily.

Overview of the Food Industry in Italy

The Italian food industry is renowned for its quality and diversity, accentuated by a strong cultural emphasis on culinary excellence. As one of the largest food markets in Europe, Italy benefits from a rich agricultural sector, producing a wide range of high-quality ingredients that are integral to its cuisine. The food service sector plays a crucial role in the national economy, contributing significantly to employment and GDP.

In recent years, evolving consumer preferences, particularly towards health and convenience, have reshaped the food landscape. There has been a notable surge in the popularity of quick-service restaurants (QSRs) as consumers seek fast, healthy options that fit into their busy lifestyles. This trend aligns perfectly with brands like La Piadineria that emphasize fresh, made-to-order dishes.

Moreover, a growing trend towards internationalization has encouraged many Italian food brands to expand beyond borders. This global outlook allows them to tap into new markets and capitalize on the increasing demand for authentic Italian cuisine worldwide. The resilience of the Italian food sector during economic fluctuations further indicates a robust industry landscape.

As Italy continues to recover from the disruptions caused by the pandemic, the food service sector is poised for substantial growth. Business models focusing on agility, like the one adopted by La Piadineria, are expected to thrive, driven by both domestic and international consumer bases seeking high-quality dining experiences.

Rationale Behind the Deal

The acquisition of La Piadineria by CVC Capital Partners aims to accelerate the company's development, both through organic growth and strategic acquisitions. By leveraging CVC's strong international presence and expertise in the food service industry, the deal is expected to foster further expansion, including potential international ventures.

CVC’s investment strategy often involves scaling successful brands to create larger market players in relevant sectors. Given La Piadineria’s established brand and growing customer base, this acquisition is aligned with CVC's objective to build a robust fast-casual dining portfolio.

Investor Information

CVC Capital Partners, founded in 1981, is one of the largest private equity firms globally. With over $52 billion in assets under management across Europe and Asia, CVC has a longstanding reputation in Italy as a proactive investor in various sectors, including food and beverage. Their extensive resources and industry connections position them well to support La Piadineria's ambitious growth plans.

Prominent for securing investments that enhance operational capabilities and market positioning, CVC's involvement is expected to capitalize on La Piadineria's current momentum. The firm seeks to implement strategic initiatives that will further strengthen the brand's market presence and expand its operational capabilities.

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Considering the factors surrounding this acquisition, it appears to be a strategically sound investment for CVC Capital Partners. La Piadineria possesses a robust market position, a dedicated customer base, and a scalable business model, which enhances its attractiveness to investors. The company has displayed substantial growth under Permira’s ownership, with impressive metrics rising from 60 million euros in revenue at the time of Permira’s acquisition to 139.9 million euros in 2022.

Moreover, the ongoing evolution in consumer preferences towards convenient and authentic dining experiences aligns well with La Piadineria’s offerings. CVC's experience in rapidly growing international markets will be pivotal in navigating the competitive landscape and expanding La Piadineria's footprint beyond Italy.

However, it is important to acknowledge the risks associated with M&A activities, including cultural integration and operational alignment challenges post-acquisition. CVC will need to ensure that La Piadineria's established brand ethos and operational efficiencies are maintained, allowing for sustained growth and customer satisfaction.

Overall, if managed effectively, this deal has the potential to yield significant returns for CVC and establish La Piadineria as a formidable player in the global fast-casual dining sector.

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CVC Capital Partners

invested in

La Piadineria

in 2023

in a Leveraged Buyout (LBO) deal

Disclosed details

Transaction Size: $300M

Revenue: $140M

EBITDA: $35M

Enterprise Value: $300M


Multiples

EV/EBITDA: 8.6x

EV/Revenue: 2.1x

Deal Parametres
Industry
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