PizzaExpress considers buying the restaurant group from rival

Friday, October 27, 2023

PizzaExpress owner TPG is weighing up a potential rival bid for Wagamama owner TRG, weeks after private equity group Apollo gave its backing to the Apollo deal to take casual dining operator privately.

Although its proposal was from Wheel topco, it has been controlled by a group of debt financing firms, Bain Capital and Cyrus Capital Partners since 2020.

The discussions with PizzaExpress come just a fortnight after The TRG board announced they had accepted a full cash offer from Apollo that values the group at 65 cents per share, or £506m in value.

TRG operates over 400 UK locations including pub chain Brunning & Price, as well as a concession business.

Apollo's offer comes following months of campaigning led by Hong Kong-based fund Oasis Management, which was pushing for a reshuffle at TRG, which owns pub chain Brunning & Price.

It did not formally alter its recommendation that Shareholders should vote to buy Apollo.