Italian private‑equity firms Quadrivio & Pambianco teamed with food‑service investor Capdesia to buy fast‑casual chain Alice Pizza. The brand, founded in Rome, operates 220 locations in Italy and 11 outlets abroad—including Hong Kong, France, Spain, Malta and the US. The deal adds another marquee asset to Lifestyle Fund II, which already backs Autry and Twinset for growth in Europe today.

The chain posted a consolidated EBITDA of €12.6m in 2025, translating to a 20% margin on net revenues. Those figures suggest a stable cash flow profile that can support further expansion or debt repayment. Co‑investors include CVC‑owned Pergolesi, indicating confidence from larger private‑equity players in the Italian quick‑service market. Investors view the franchising model as a platform for Southern Europe.

The acquisition marks the seventh deal for Lifestyle Fund II, reinforcing its focus on consumer‑facing brands. With a footprint across multiple continents, Alice Pizza offers investors exposure to a fragmented yet growing pizza segment. The transaction underscores private‑equity's appetite for mid‑market food concepts that deliver double‑digit EBITDA margins and stable cash generation that can fund future acquisitions across Europe.