Permira in pizza P2P deal

Tele Pizza, a Spanish pizza delivery chain, has received a public tender bid by newco Foodco Pastries and Medimosal, two investment vehicles controlled by Carbal and Permira. The offer amounts to €2.15 per Tele Pizza share and between 21.97 and 22.18 per convertible bond, which represents a total consideration of about €572m (US$686m). The offer is conditional upon the acquisition of 69% of the share capital of Tele Pizza.

Carbal, which is the investment branch of the Spanish Ballvé family, holds a 20.5% stake in Tele Pizza, which it will roll over into Foodco Pastries and Medimosal, which it also controls.

Last year, Spain saw the public-to-private of Cortefiel, the fashion retailer, which was acquired for €1.44bn (US$1.75bn) by a private equity consortium comprising CVC, Permira and PAI Partners.

Debt for the deal will be structured and arranged by ING and Royal Bank of Scotland, with Uría Menendez providing legal counsel to the bid consortium. Baker & McKenzie acted as legal counsel to Carbal whereas Linklaters acted on behalf of Permira. ING Bank and Royal Bank of Scotland were advised by Allen & Overy.