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TDR secures deal for pizza chain
ASK Central – which runs 172 ASK, Zizzi and Joe Shmo restaurants across the UK – has accepted a takeover bid from a special purpose vehicle acting in behalf of TDR Capital and CVI.
The offer, at 220p per share, values ASK at £212.9m and comes just seven months after TDR acquired PizzaExpress for £277.8m.
The news will come as a disappointment to The Restaurant Group, which until recently was the ASK directors’ preferred bidder for the chain.
ASK opened its first restaurant in 1993, and has since expanded rapidly. Its net assets in July 2003 were measured at £59m and it recently reported positive sales growth for the Christmas period.
TDR Capital is a private equity company and will now add ASK’s outlets to its 305 PizzaExpress restaurants.
CVI – a global investment group – owns Nando’s International, which has 465 restaurants worldwide. www.askcentral.co.uk
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