Fortress Investment Group buys Punch Pubs & Co

Fortress Investment Group has bought Punch Pubs & Co from Patron Capital Partners for an undisclosed sum. 

The acquisition includes 100% of the share capital of Vine Acquisitions Limited (Punch), along with the existing management team. The transaction is entirely funded by equity provided by funds managed by Fortress affiliates, with no additional debt finance, with existing management maintaining its equity ownership.

"We are excited to team with Clive and the Punch management, which has done an exceptional job of navigating the challenges of the Covid crisis while positioning the business for long-term growth and value creation," says Cyril Courbage, managing director of Fortress Investment Group. "We believe in providing strong management teams with the flexibility and support to execute their long-term strategic plans. The UK is an extremely attractive investment environment, and we will continue to explore other opportunities in this sector and across the UK, Ireland and Europe.”

Led by chief executive officer Clive Chesser, Punch Pubs & Co operates 1,300 pubs across the UK. Most recently, it acquired 56 pubs from Young’s Ram Pub Company in July.

“This is very positive news for everyone connected with Punch, and we are extremely excited about the opportunity that lies ahead with Fortress Investment Group," adds Chesser. "Fortress is a hugely experienced investor who understands the strengths of our business and fully buys into our strategic positioning and business plan. We welcome their ambition and commitment to work alongside the existing management team to invest in the business with innovation and capital to ensure our long-term success in what is a highly competitive market.

“I would like to take this opportunity to thank the teams at both Patron Capital and May Capital for the outstanding backing that they have provided during their ownership of the business. Their support has been invaluable over the last four years, none more so of course than during the pandemic.”

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