The combined group continues to be owned by PAI Partners, Perwyn, Nestlé, which keeps a non-controlling stake, and management. In effect, two separately owned assets are being pooled, giving each set of shareholders exposure to a larger, more diversified platform at a moment the companies describe as one of “significantly favourable tailwinds in the European pizza market.” Both businesses will continue to operate as standalone entities for now, with no short-term changes to either operating model.