Punch is a leading owner of tenanted pubs in the UK, with approximately 3,200 pubs located across the UK. The deal, at 180 pence in cash per share, valued the equity of Punch at approximately £402 million and implied an enterprise value of around £1.8 billion. The Punch A Securitisation (approximately £770 million of gross debt secured against around 1,900 pubs) was sold to Heineken in a back-to-back transaction.
The Redleaf team was led by Chief Executive Emma Kane and Managing Director Henry Columbine, supported by Rishi Banerjee, Sofie Ford and Laurence Hill.
Emma Kane, Chief Executive of Redleaf Communications, said:
“We value the longevity of our client relationships and are pleased to be supporting Patron Capital on this major transaction, having worked with the firm since 2010.”
Keith Breslauer, Managing Director of Patron Capital, commented:
"Completing this complex deal paves the way for an exciting future for Punch as a more focused business. This is a company that has undergone a number of challenges and distractions in recent years but has a portfolio of high quality pubs with excellent future potential.
“We are experienced investors in the leisure and hospitality sector, having invested in and grown a range of businesses including Generator, the Spencer Hotel in Dublin and Jupiter Hotels. Under private ownership, with strong financial backing and our commitment to continued investment, Punch’s pubs and publicans will have our full support to deal with changing market dynamics and provide their customers with the best possible offer.”