Pizza Express owner Gondola Holdings is set to return to private hands less than a year after floating on the Alternative Investment Market.

Paternoster Acquisitions, a bid vehicle formed by private equity Cinven, announced today that it was about to make a 415p per share cash offer for the group, which would value it at around £560m.

Gondola is 48% owned by private equity firms TDR Capital and Capricorn Ventures, which have agreed to sell at least 25.1% of their share holding to Cinven.

Fidelity, Gondola’s largest institutional investor, holds 10%.

Post-flotation last November, TDR and Capricorn reduced their combined stake from around 80%.

Gondola also owns the Zizzi and Ask chains.

Gondola appoints Reynolds Catering Supplies as main agent >>

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