Alice Pizza changes hands: it is now owned by Made in Italy Fund II and the Capdesia Group

Alice Pizza is changing hands: control will pass from the iDeA Taste of Italy fund to Made in Italy Fund II, alongside the Capdesia Group and other co-investors.

Founded in Rome in 1989, Alice Pizza is now Italia’s largest chain of pizza-by-the-slice outlets, with over 230 outlets (220 in Italia and 11 abroad, including France, Spain, Malta, Hong Kong and the US), half of which are company-owned and half franchised. In 2025, it exceeded €115 million in turnover, with an EBITDA of €12.6 million (a margin of 20 per cent). Under new ownership, it aims to expand in Europe, Asia and the United States.

“Green Arrow Capital, the leading independent group operating in private markets and alternative investments in Italia, and one of the top players in Europe with 8 billion in assets under management – according to a press release – announces, through the Taste of Italy fund (which forms part of Green Arrow Capital Alternative Funds SGR following the acquisition of DeA Capital Alternative Funds) that it has signed a binding agreement for the sale of 100 per cent of its portfolio company Alice Pizza S.p.A. to Made in Italy Fund II, together with Capdesia Group and other co-investors”.
The Taste of Italy fund indirectly holds approximately 70 per cent of the company, whilst the remaining 30 per cent of the share capital is held by the founding shareholders Luna, Lorenzo and Domenico Giovannini.

“The transaction, which is expected to be finalised (closing) by early September 2026 – the statement continues – marks the culmination of a successful journey in which the fund has supported the company’s growth and evolution throughout the investment period, underpinning its organisational and commercial development through brand strengthening and international expansion.”