Pizza Pilgrims (“the Company”), the authentic Neapolitan pizzeria brand, is pleased to announce that it has reached agreement with FR L’Osteria SE (“L’Osteria”), the market-leading Italian restaurant group in Germany and part of the McWin brand portfolio, to acquire a majority stake in Pizza Pilgrims, for an undisclosed sum.
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 the rightful reputation of one of the category leaders.
Originated in Nuremberg, Germany in 1999, L’Osteria operates over 200 restaurants across 10 European countries. The brand is well-known for its iconic 45 cm pizzas, its pasta from its own pasta factory and its unique, modern ‘Dolce Vita’ restaurant atmosphere. 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 will partner with Pizza Pilgrims as it looks to embark upon its next stage of growth, including international opportunities, as well as further measured expansion in the UK. Pizza Pilgrims will benefit from L’Osteria’s extensive European network and expertise.
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 lead 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. The brand has continued to demonstrate its scalability and currently comprises 26 pizzerias across the UK where the dough is freshly made daily in every site and accompanied by an innovative range of curated pizza toppings sourced from the very best producers in Italy.
Building on its initial success in London, Pizza Pilgrims has continued to prove its credentials throughout the UK. With a strong pipeline of quality sites and target locations, it has opened inaugural sites in Wales (Cardiff) and Scotland (Edinburgh) over recent months and new pizzerias are due to open in Manchester, Birmingham and Bristol, as well as London’s King’s Cross in the near future. To date, Pizza Pilgrims’ expansion has largely been self-funded from free cash flow and the Company achieves a strong ROCE of +80% across mature sites.
The Company was proud to achieve B-Corp certification in February 2024, following a two-year qualification programme. This singles out Pizza Pilgrims as one of only a handful of UK hospitality businesses to have received this third-party accreditation for its commitment to bringing benefit to shareholders, workers, customers and the planet and it is now delivering clear commercial value.
The Company was proud to be reaffirmed as one of the world’s best artisan pizza brands, being 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.
It is anticipated that the transaction, which will represent an exit for Imbiba and Pizza Pilgrims’ existing external shareholders, will complete by Q4 2025. The Company was advised by PwC.
Thom and James Elliot, Co-Founders of Pizza Pilgrims, commented: “We are so excited about our partnership with L’Osteria – and the opportunity it presents for the business that we love and our wonderful teams. We have constantly strived to make Pizza Pilgrims a better business everyday since we started out on our market stall in Soho – and we would like to thank our longstanding Board and all of our outgoing investors for their support and shared wisdom over that time.
“The opportunity for us to move forward and learn from the vastly experienced team at L’Osteria, as well as McWin, is huge. We are delighted that Gavin and Sophie, who have been part of the business for many years, will be stepping up into their new roles as CEO and CFO respectively to lead the business into its next chapter alongside ourselves and the senior management team.
“There is undoubtedly strong cultural alignment between the two businesses and we’re really excited about the future – for us this is a real ‘one plus one equals three’ partnership. Together, we will continue to nurture the inherent Pizza Pilgrims spirit, whilst putting into action our clear aligned vision to deepen our Neapolitan hospitality and bring it to a growing band of Pilgrims fans both at home and abroad.”
Jacek Trybuchowski, CEO of FR L’Osteria SE, added: “Pizza Pilgrims is a strong, successful brand with a clear Italian profile and an excellent team – both of our brands combine a high-quality standard as well as the passion for Italian cuisine and the joy of Italy. The investment marks another milestone on our journey of becoming “European Champion in Casual Dining”. Together with Pizza Pilgrims team we are looking forward to entering the next phase of growth.”
Dining and Cooking