Houlihan Lokey Advises Alice Pizza

Houlihan Lokey is pleased to announce the sale of Alice Pizza S.p.A. to a consortium of investors led by Capdesia and Quadrivio & Pambianco. The transaction closed on 5 August 2026.

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 SAR, France, Spain, Malta, and the U.S.), of which c. 50% are directly managed and c. 50% franchised.

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.

Capdesia is an investment firm focused on the European branded consumer foodservice industry. Capdesia provides flexible capital solutions and hands-on operational support to expansion-stage restaurant chains.

Quadrivio Group is an alternative investment platform specialised in private equity and sector-focused investment strategies. Through its Lifestyle Fund II, Quadrivio Group invests in leading lifestyle companies across apparel and accessories, design and furniture, beauty and wellbeing, and food and beverage.

Quadrivio & Pambianco and Capdesia, as co-lead sponsors, together with Pergolesi (a vehicle owned by CVC Funds and controlling La Piadineria), will be working closely together 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 U.S. As part of the transaction, certain collaborations between the company and La Piadineria may be explored in the future.

Houlihan Lokey acted as the sole financial advisor to the shareholders of Alice Pizza, providing end-to-end support throughout the transaction and leveraging the combined expertise of its M&A and Capital Solutions teams.

Houlihan Lokey supported the shareholders across all key aspects of the sellside process, including process preparation, buyer engagement, due diligence coordination, and negotiation support. In parallel, Houlihan Lokey’s Capital Solutions team prepared comprehensive lender education materials to support the acquisition financing process.

The transaction further reinforces Houlihan Lokey’s strong track record in the Italian food sector, as well as its deep expertise in the retail and hospitality segments.

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