Soggy pizza burns Chinese firm’s overseas strategy

Hony Capital, the Beijing-based buyout shop renowned for successful investments in state-owned enterprises has run into trouble with its 2014 acquisition of PizzaExpress and other overseas deals. Straying too far can be difficult. @AlecMac11

23.10.2019

Hony Capital, the Beijing-based buyout shop renowned for successful investments in state-owned enterprises has run into trouble with its 2014 acquisition of PizzaExpress and other overseas deals. Straying too far can be difficult. AlecMac11

Buyout shop Hony cleaned up by acquiring state-backed companies before paying $1.6 bln for PizzaExpress in 2014, the same year it invested in Silicon Valley and Hollywood. The UK chain is in trouble as are other deals abroad, including WeWork. It can be hard straying from home.

Bondholders in PizzaExpress, the UK restaurant chain owned by Chinese private equity firm Hony Capital, are pressing the company to engage in restructuring talks, the Financial Times reported on Oct. 8., citing unnamed sources.

A restructuring could involve a debt-for-equity swap, with some investors and analysts advocating splitting the UK business from its underperforming international operations, the newspaper added.

Read more: ReutersBreakingviews

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