Punch Pubs sold to US private equity firm Fortress

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Punch Pubs, which has over 1,300 pubs across the UK and was owned by Patron Capital, has been bought by Fortress Investment Group, a US private equity firm, for an undisclosed sum.

In a statement Fortress have said that the transaction has been entirely funded by equity provided by funds managed by Fortress affiliates, with no additional debt finance, with existing management maintaining its equity ownership.

Clive Chesser, Punch Pubs & Co. CEO, said: “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.

“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.”

Cyril Courbage, Managing Director, Fortress Investment Group, said: “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.

“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.”

Stephen Green, Senior Partner, Patron Capital, said: “Punch is a fantastic business and has been an extremely successful investment for our investors, thanks to the talent and hard work of the management team and our partner on the investment, May Capital. We wish Clive and the team well for the future with Fortress.”

Category: Brand News, News
Tags: Clive Chesser, fortress investment group, Patron Capital, punch pubs, Punchpubs&co