The UK Corporate Finance team is pleased to announce the sale of a majority stake in Pizza Pilgrims to FR L’Osteria SE, the market-leading Italian restaurant group in Germany and part of the McWin portfolio.
Founded in 2012, Pizza Pilgrims is an award-winning Neapolitan pizza brand recognised for the quality of its deliciously authentic, slow-proved pizzas. A relentless obsession with pushing the boundaries of quality pizza alongside a vibrant brand and a history of innovation has earned the Group its rightful reputation as one of the category leaders.
Pizza Pilgrims is one of only a handful of UK hospitality businesses to have received B-Corp accreditation for its commitment to bringing benefit to shareholders, workers, customers, and the planet, and has also been reaffirmed as one of the world’s best artisan pizza brands - voted number 7 in the chart of Global Pizza Chains by Top 50 Pizza in 2024. Most recently, Pizza Pilgrims won Best Restaurant Company in March 2025 at the MCA Hospitality Awards.
Founded in Nuremberg, Germany in 1999, L'Osteria operates over 200 restaurants across 10 European countries. L’Osteria is backed by McWin, a leading private investment fund specialising in the foodservice industry, whose current portfolio includes leading hospitality brands such as Gail’s, Big Mamma Group and Sticks’n’Sushi.
L’Osteria’s investment in Pizza Pilgrims strategically extends its brand portfolio, and it sees exciting opportunity to expand Pizza Pilgrims internationally in Europe in particular. L’Osteria and Pizza Pilgrims will remain independent brands; both brands will continue to be developed internationally in parallel by their respective leadership teams, and synergies will be realised through a strategic partnership. Pizza Pilgrims will continue to be led by Gavin Smith and Sophie Gilchriest – who will be promoted to CEO and CFO respectively. The co-founders, Thom and James Elliot, will remain involved full time in the running of the business, together with the Company’s fantastic team of industry leaders.
“Working with the PwC Corporate Finance team has been a genuine pleasure. They really understood us as a brand – and combined their sector expertise and transaction know-how with the hands-on support and emotional intelligence we needed throughout this process. We are so excited about our partnership with McWin and L’Osteria – and the opportunity it presents for the business we love and our wonderful teams. There is undoubtedly strong cultural alignment – for us this is a real ‘one plus one equals three’ partnership. We can’t thank the PwC team enough for their part in getting us here.”
“To have helped Thom, James and the Pizza Pilgrims team has been a real highlight for the PwC team. Pizza Pilgrims is undoubtedly one of the leading brands in this sector, and its commitment to its teams, customers, and product has shone throughout. I am looking forward to seeing the brand and team continue to thrive under L’Osteria’s ownership, which will provide invaluable strategic support as the business considers its international growth aspirations. We are delighted for all involved in this transaction, bringing together two fantastic businesses and teams.”
PwC Corporate Finance acted as lead financial adviser to the shareholders - the PwC team advising on the deal was Rick Jones, Phoebe Groves, India Raynes and Paula Bermejo Llopis.
It is anticipated that the transaction, which represents an exit for minority shareholder Imbiba, and other external shareholders, will complete by Q4 2025.
Contact us
UK Hospitality, Sports & Leisure leader, PwC United Kingdom
Tel: +44 (0)7710 627834
Phoebe Groves
Associate Director, Corporate Finance, PwC United Kingdom
Tel: +44 (0)7483 434706
