Co-investors also include Pergolesi, a vehicle owned by CVC Funds and controlling La Piadineria.
Alice Pizza was founded in Rome in 1989 and is Italy’s largest fast casual pizza chain with a portfolio of 231 sites. Of these, 220 restaurants are located in Italy – predominantly in Rome and Milan – while the remaining 11 are abroad (with locations in Hong Kong, France, Spain, Malta and the US), of which around 50% are directly managed, and 50% franchised.
In 2025, the company recorded total system sales of 115m euros, and generated consolidated Ebitda of 12.6m euros.
As co-lead sponsors, Capdesia and Quadrivio & Pambianco will work closely together to drive the next chapter of the company’s Italian and international growth journey. Looking to the future, Alice Pizza aims to accelerate the development of the brand, consolidating its leading position in Italy as well as fuelling international expansion in Europe, Asia, and potentially the US.
“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,” says H. Ashton Crosby, co-founder and managing director at Capdesia Group.
Alice Pizza is 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.