British entrepreneur Hugh Osmond has bought restaurant chain Strada through his investment vehicle Sun Capital in a deal valued at £37m.
Sun Capital confirmed it was taking over 43 Strada restaurants from Tragus Group, which also owns Bella Italia and Café Rouge.
Osmond co-led the IPO of Pizza Express in 1993 and was the founder of pub chain Punch Taverns.
Osmond said: ‘This is a fantastic group of restaurants, and we have big plans to invest in the business and expand it.
“Our focus is on creating places where people want to hang out and eat fabulous Italian food, including fresh, healthy and up-to-date menu options.”
Back in the summer, Tragus announced a CVA designed to pave the way for a significant reorganisation of the business, reducing the group’s debt burden and securing the right operational structure for the business.
The move was also aimed at providing the necessary capital needed to revitalise its Bella Italia and Cafe Rouge, which it calls its “core brands”.
It plans to open 12 new Bella Italia restaurants over the next year and expects over 50 more restaurants to open over the next five years.