Quadrivio and private‑equity vehicle Lifestyle Fund II have teamed with food‑service specialist Capdesia and co‑investors to buy 100% of Alice Pizza, Italy’s largest fast‑casual pizza chain. Sellers include Green Arrow Capital, which owned roughly 70% via its i De A Taste of Italy Fund, and the founding Giovannini family’s 30% stake. The consortium also features Pergolesi, a CVC‑backed owner of La Piadineria, hinting at future brand collaboration.

Founded in Rome in 1989, Alice Pizza runs 231 outlets—220 in Italy and 11 abroad across Hong Kong, France, Spain, Malta and the U.S. Half are company‑run, half franchised. 2025 system sales topped €115m ($131m) with consolidated EBITDA of €12.6m, a 20% margin. Capdesia’s H. Ashton Crosby likened the brand’s speed, quality and price to the disruptive impact Five Guys had on burgers.

Quadrivio chief executive Walter Ricciotti said the partnership will accelerate network expansion in Europe and Asia, with the U.S. under review. Leveraging the chain’s scalable model and brand recognition, the investors aim to challenge legacy pizza operators and boost franchise growth. The deal marks Lifestyle Fund II’s seventh investment and expands Capdesia’s portfolio of fast‑casual concepts, positioning both firms for immediate market share gains.