Alice Pizza Acquired by Made in Italy Fund II & Capdesia

In a significant move within Italy's dynamic food retail sector, Alice Pizza has been fully acquired by a consortium led by Made in Italy Fund II, managed by Quadrivio in partnership with Pambianco. The transaction also includes participation from the London-based financial group Capdesia and other co-investors. This acquisition marks the exit for Taste of Italy, a fund managed by Green Arrow Capital, which had been a substantial shareholder in the pizza chain.

The deal sees Made in Italy Fund II and its partners taking a 100% stake in Alice Pizza. Previously, Taste of Italy II held an indirect majority stake of approximately 70%, with the remaining 30% controlled by the founding Giovannini family members: Luna, Lorenzo, and Domenico. The transaction is anticipated to finalize by early September 2026, signaling a new chapter for the popular Italian pizza brand.

This development underscores the continued investor appetite for established brands within the Italian consumer market, particularly those with a strong domestic presence and potential for expansion. The Italian food service industry, valued at over €100 billion annually, has seen robust activity, driven by evolving consumer preferences for convenience and quality. Alice Pizza, known for its widespread network of outlets and its focus on traditional Italian pizza offerings, represents a compelling target in this environment.

The competitive bidding process reportedly involved other notable players, including Germany's Auctus Capital and the UK's McWin Capital Partners, highlighting the strategic importance and perceived value of Alice Pizza. The successful bid by Made in Italy Fund II and Capdesia reflects their confidence in the company's operational strengths and future growth prospects, likely focusing on further market penetration and potential internationalization.

Green Arrow Capital, through its Taste of Italy fund, has successfully divested its stake, realizing returns from its investment. The fund had initially acquired its significant holding as part of a broader strategy to invest in and grow Italian businesses with strong market positions. The exit from Alice Pizza aligns with typical private equity fund lifecycle management, aiming to generate value for its limited partners.

The acquisition by Made in Italy Fund II, a vehicle focused on nurturing and expanding Italian excellence, alongside the strategic input from Capdesia, suggests a forward-looking strategy for Alice Pizza. Investors will be closely watching how the new ownership structure leverages the brand's existing strengths to drive innovation, enhance customer experience, and potentially explore new market segments or geographic territories, further solidifying its position in the competitive food retail arena.