It has over 470 restaurants across the United Kingdom and 100 overseas in Europe, Hong Kong, China, India, Indonesia, Kuwait, The Philippines, The United Arab Emirates, Singapore and Saudi Arabia. Cinven borrowed money to buy Pizza Express, saddling the company with the debt. Private equity house Hony Capital is at risk of losing its entire investment in UK pizza restaurant chain Pizza Express as the business reels under the strain of the coronavirus lockdown. Hony Capital, the China-based buyout fund with $7bn assets under management, will work together with the Pizza Express management team to accelerate its expansion in China and continue to grow the UK business. Hony Capital acquired the largest private hospital in Shanghai, Yangsi Hospital, through its hospital management group. Pizza Express is only one of a string of headache investments for Hony, a $10bn private equity firm that also poured $500m into struggling co-working landlord WeWork in 2017. Suite 06-11, 70/F Two International Finance Centre, No.8 Finance Street, Central, Hong Kong Tel:+852 3961 9700 Fax:+852 3961 9799 Beyond pizza, there are cookies – we use the non-edible kind on this site. Pizza Express sold to Chinese private equity group Hony Capital for £900m. The only way out was for Hony to exit, and for Pizza Express to close a lot of restaurants and cut a debt-for-equity deal with shareholders on the risky promise that it would lead to a brighter future. At that time, Hony Capital was forced to relinquish all but its Chinese operations to its bondholders, leaving PizzaExpress in the UK struggling under much less debt (effectively converted to equity). The sale of Pizza Express China Ltd., Pizza Express PRD Ltd. and Pizza Express Beijing Ltd. and their respective subsidiaries to an SPV incorporated by Hony Capital. PizzaExpress is a restaurant group based in the United Kingdom and owned by a group of bondholders. The company has $7bn under management, with the latest fund having a capital commitment of $2.4bn. Pizza Express, which is majority owned by Chinese firm Hony Capital, said it had also placed the business up for sale. Expansion of the British restaurant chain into the Asia market is seen as key for its growth China’s Hony Capital raises $130m for first venture fund The firm rose to international prominence in 2014 for its acquisition of London-based restaurant chain Pizza Express, which was taken over by its bondholders earlier this year MailOnline contacted both Pizza Express and Hony Capital, neither of which could be reached this afternoon. Coronavirus: Pizza Express slimming plans that put 1,100 jobs at risk are approved. It was founded in 1965 by Peter Boizot. Sign in. By Mike Didymus-August 4, 2020. In Hong Kong, Pizza Express has 23 restaurants. The restructuring plan will enable Hony Capital to complete the carve-out purchase of the China business of PizzaExpress Group, which it will continue to own and operate going forward. The Guardian reports that the chain’s Chinese owner, Hony Capital, could lose control of the company as part of a debt-for-equity swap. The group is owned by Hony Capital, a Chinese company that bought Pizza Express in 2014 in a £900m deal with hopes of expanding the chain in China. About half of the interest payments are made to its Chinese parent company, Hony Capital. Leveraging its domestic and international expertise, Hony Capital will work together with the PizzaExpress management team to drive continued growth both in the UK and internationally, with a particular focus on expansion in China. Hony Capital is a pioneering buyout fund in China and has strong expertise incross-border investments. Pizza Express went through a restructuring in the summer to cut its rental costs, ... is majority-owned by Chinese investor Hony Capital, which bought it for £900m in 2014. Latest News; ... Hony Capital burned by Pizza Express as bondholders agree deal for struggling restaurant chain. China’s Hony Capital is set to pump more money into PizzaExpress, cutting the 54-year-old restaurant chain’s debts and increasing its chances of retaining control in any restructuring. MailOnline contacted both Pizza Express and Hony Capital, neither of which could be reached this afternoon. PizzaExpress Hony Capital M&As Gondola Group Cinven London: Chinese private equity group Hony Capital Ltd agreed to buy UK restaurant chain PizzaExpress Ltd for about £900 million ($1.54 billion). Pizza Express’ struggles with debt have made the headlines several times in the past few months – it has £465m of secured bonds due in August 2021 and £200m of unsecured notes due the following year. Pizza Express opened its first restaurant in Beijing in May Credit: Photo: ALAMY Chinese investment group Hony Capital has agreed to buy restaurant chain Pizza Express for around £900m. Pizza Express is the largest casual dining restaurant operator in the UK, and this is the largest deal in the European restaurant sector in the past five years. Hony Capital buys PizzaExpress for about £900 million ($1,540 million). Hony Capital is a Chinese private equity firm, owned by Legend Holdings.Legend Holdings provided Hony, a pioneer in China's private equity industry, with its start-up capital. Hony Capital, founded in 2003, is sponsored by the Lenovo Group as well as Chinese and global institutional investors. Pizza Express operates 436 restaurants in the UK along with 68 internationally, including 22 in China. 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