Capdesia and Quadrivio partner to acquire Alice Pizza
Foodservice sector specialist investor Capdesia Group partners with Quadrivio & Pambianco and other co-investors to acquire the leading Italian fast casual pizza chain
London, 25th June 2026
Capdesia Group joins forces with Quadrivio & Pambianco’s Italian Lifestyle Fund II and other co-investors including Pergolesi, a vehicle owned by CVC Funds and controlling La Piadineria to acquire 100% of Alice Pizza S.p.A., Italy’s largest fast casual pizza chain, currently controlled by Green Arrow Capital, formerly DeA Capital SGR – which, through its fund iDeA Taste of Italy Fund indirectly holds c. 70% of the company – and by the founding shareholders Luna, Lorenzo and Domenico Giovannini, who together hold c. 30% of the shares.
Capdesia and Quadrivio & Pambianco, as co-lead sponsors, will be working closely together to drive the next chapter of the company’s Italian and international growth journey. As part of the transaction, certain collaborations between the company and La Piadineria may be explored in the future.
Alice Pizza was founded in Rome in 1989 and has a network of 231 sites: of these, 220 restaurants are located in Italy – in particular Rome and Milan – while the remaining 11 are abroad (with locations in Hong Kong, France, Spain, Malta and the USA), of which c.50% are directly managed, and c.50% franchised. In 2025, the company recorded total system sales of 115+ million euros (including franchisee sales), and generated consolidated Ebitda of 12.6 million euros (i.e. a 20% Margin on net company revenues).
The business model, based on a scalable and standardised format built over the past 40 years, combines superior product quality, strong brand recognition, high customer loyalty and fast speed of service, all at an affordable price point. Further strengthening its positioning is the Accademia di Alice – a training school founded in 2013 that offers courses for aspiring pizza makers.
Looking to the future, Alice Pizza aims to accelerate the development of the brand, consolidating its leading position in Italy as well as fueling international expansion in Europe, Asia, and potentially the US.
Alice Pizza represents the fifth investment of Capdesia Group, marking also the first investment in Italy.With Alice Pizza, Capdesia Group’s restaurant focused portfolio, which already counts Wasabi Sushi & Bento, GAIL’s, and Franco Manca, will count more than 500+ sites across Europe.
H. Ashton Crosby, Co-Founder and Managing Director of Capdesia Group, commented: “On a global scale, the unique marriage of its high-quality product, fast operating model and affordable price point gives Alice the potential to disrupt the global legacy pizza players in the same way that Five Guys and Shake Shack disrupted burgers by replacing a commoditised, discount and delivery-led model with a better quality and more accessible format that aligns with modern consumer behaviour and multi-channel consumption habits”
Alice Pizza
Founded in Rome in 1989, Alice Pizza is one of the main Italian chains and is specialised in traditional Roman pizza by the slice. Today the Group has a network of over 231 point of sales, mainly in Italy, with a growing presence at international level, and combines a model of direct management and franchising.
Info: alicepizza.it
Capdesia Group
Capdesia Group is a European private equity firm headquartered in London which focuses exclusively on the foodservice sector. Capdesia provides creative capital and unparalleled industry expertise to the next generation of category-leading QSR, fast casual and casual dining restaurant chains and related businesses, in support of acquisitions, restructurings and domestic/international expansion, including facilitating the launch of international brands across Europe. Its current portfolio consists of Wasabi Sushi & Bento - a healthy Asian grab-and-go chain and grocery brand; GAIL’s - the UK’s leading artisan bakery chain; and Franco Manca - a popular sourdough fast-casual pizza chain.
Info: capdesia.com
Quadrivio & Pambianco | Lifestyle Fund | Lifestyle Fund II
Quadrivio & Pambianco, a company with over 25 years of experience in the world of Private Equity, promotes and manages two specialised investment funds: LifestyleFund and LifestyleFund II, which invest in companies operating in the Lifestyle, Fashion, Design, Beauty, Food & Wine sectors. The Group invests in SMEs operating in segments that symbolise Italian excellence, acquiring majority stakes in companies that are leaders in their reference market and strongly oriented towards internationalisation, as well as in companies operating in niche markets. The Group works alongside management and provides capital, know‑how and the operational support necessary for the growth of theportfolio companies; also making use of highly specialised professionals with many years of experience in the relevant sector. To date Quadrivio & Pambianco manages a portfolio of 14 companies: 120%lino, Prosit, GCDS, Rougj, Rosantica, Dondup, PT Torino and Xtrawine (in the portfolio Lifestyle Fund); Autry, Filippo De Laurentiis, Sessùn, Twinset, Les Secrets de Loly and Osteria Da Fortunata (in the portfolio of LifestyleFund II)
Info: quadriviogroup.com