Pub group Punch to be taken over by private equity giant Fortress
Thursday, December 16, 2021
Punch, one of Britain's largest pub chains, was bought by the private equity group which completed its takeover of Morrisons earlier this year.
The deal covers 100 per cent of Punch pub owner Vine Acquisitions "share capital. Earlier this year Platinum Equity launched a £690m bid for Marston's which was rejected by the City pub group.
Clive Chesser, Chief Executive Officer of Punch Pubs & Co., 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 chief executive Cyril Courbage said of the deal: '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.
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' Punch's pubs are cleaved in the suburbs and countryside, helping to weather the challenges posed by the pandemic.
CFDs are leveraged products, the fact is, you only have to make a percentage of the full value of the CFD trade is required to open a position. Chesser said the Fortress deal was a 'very positive news' for Punch because Fortress was a 'hugely experienced investor'.