Made in Italy Fund II Buys Alice Pizza from Green Arrow Capital

Made in Italy Fund II, in partnership with Capdesia Group and other co-investors, has finalized an agreement to acquire the entirety of Alice Pizza S.p.A. from Green Arrow Capital. This significant transaction marks the culmination of a growth phase for Alice Pizza, a prominent player in the fast-casual pizza sector.

The acquisition sees Made in Italy Fund II and Capdesia Group taking over the 100% stake previously held by Green Arrow Capital's Taste of Italy fund. The Taste of Italy fund, which operates under Green Arrow Capital Alternative Funds SGR following its integration with DeA Capital Alternative Funds, held an indirect 70% interest in Alice Pizza. The remaining 30% is retained by the founding Giovannini family shareholders: Luna, Lorenzo, and Domenico Giovannini.

Alice Pizza, established in Rome in 1989, has grown into Italy's largest fast-casual pizza chain, boasting a network of 231 locations. Of these, 220 are situated across Italy, with a notable presence in Rome and Milan, while 11 outlets extend its reach internationally to France, Spain, Malta, Hong Kong, and the United States. The company's operational model is evenly split between directly managed stores and franchised units, reflecting a scalable and adaptable business strategy.

In 2025, Alice Pizza reported impressive financial performance, with network-wide revenues exceeding €115 million. The company achieved a consolidated EBITDA of €12.6 million, translating to a robust 20% margin on net revenue. This success is underpinned by a business model that emphasizes high-quality products, strong brand recognition, customer loyalty, and efficient service at accessible price points. The company's commitment to quality and innovation is further supported by the Alice Academy, established in 2013, which serves as a training center, research hub for new recipes, and a vehicle for propagating the company's culture and values.

During its ownership, Green Arrow Capital, through the Taste of Italy fund, collaborated closely with the Giovannini family and Alice Pizza's management team to drive organizational and commercial expansion. This included strengthening the brand's identity and fostering international growth. The fund's strategy focused on sustainable growth, innovation, and global reach, aligning with Green Arrow Capital's broader investment philosophy. Stefano Caspani, Managing Director of Taste of Italy, expressed pride in the company's transformation and highlighted the shared vision with the Giovannini family and CEO Claudio Baitelli.

Looking ahead, Alice Pizza aims to solidify its market leadership by expanding its footprint in key European, Asian, and U.S. markets. The acquisition by Made in Italy Fund II and Capdesia Group is expected to provide the necessary capital and strategic impetus for this next phase of development. The deal, advised by Houlihan Lokey (financial advisor), PedersoliGattai (legal advisor), and PwC (due diligence advisor), is anticipated to close in early September 2026.