(Reuters) – European private equity firm Cinven Ltd said it agreed to sell all 245 ASK Italian and Zizzi restaurants to Bridgepoint for 250 million pounds ($392.83 million).
The deal represents Cinven’s exit from its investment in the Gondola Group, which operates the ASK Italian and Zizzi restaurants chains.
Cinven acquired Gondola in a public-to-private deal in 2007 for 1.3 billion euros ($1.62 billion).
The firm sold Gondola’s PizzaExpress to Hony Capital for 900 million pounds in July and Byron burger chain to Hutton Collins for 100 million pounds in October 2013.
The latest sale will bring the total proceeds to about 1.3 billion pounds, generating a money multiple of 2.4 times, Cinven said on Monday.