M&A Deal Summary

Punch Acquires Spirit Pub

On December 1, 2005, Punch acquired restaurant Spirit Pub from Ridgemont Equity Partners, The Blackstone Group, TPG and CVC Capital Partners for 2.7B GBP

Acquisition Highlights
  • This is Punch’s 1st transaction in the Restaurants sector.
  • This is Punch’s largest (disclosed) transaction.
  • This is Punch’s 2nd transaction in the United Kingdom.

M&A Deal Summary
Date 2005-12-01
Target Spirit Pub
Sector Restaurants
Buyer(s) Punch
Sellers(s) Ridgemont Equity Partners
The Blackstone Group
TPG
CVC Capital Partners
Deal Type Add-on Acquisition
Deal Value 2.7B GBP

Target

Spirit Pub

Staffordshire, United Kingdom
Spirit Pub Company plc is the largest managed pub operator in the U.K., with over 2,400 pubs serving alcohol and food in both suburban and urban locations. MLGPE provided equity to support the acquisition of Spirit by Texas Pacific Group, The Blackstone Group, and CVC Capital Partners.

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Buyer(S) 1

Buyer

Punch

Burton upon Trent, United Kingdom
Category Company
Founded 1997
Sector Restaurants
Employees407
Revenue 421M GBP (2015)
DESCRIPTION

Punch is a pub and bar operator in the United Kingdom, with around 1,300 leased pubs. Punch Taverns was formed in 1997 and is based in Burton upon Trent, United Kingdom.

DEAL STATS #
Overall 2 of 2
Sector (Restaurants) 1 of 1
Type (Add-on Acquisition) 2 of 2
Country (United Kingdom) 2 of 2
Year (2005) 2 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-07-25 Avebury Taverns

Gerrards Cross, United Kingdom

Avebury Taverns Ltd. is an independent pub company.

Buy £219M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-01 Old Orleans

Brighton, United Kingdom

Old Orleans Limited operates a network of restaurants and bars in the United Kingdom.

Sell £26M

Seller(S) 4

SELLER

Ridgemont Equity Partners

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1993
PE ASSETS 7.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ridgemont Equity Partners is an independent private equity firm specializing in middle-market buy-outs, corporate divestitures, recapitalizations and growth capital investments. The Firm targets to invest in companies located in North America, preferably in US and Canada. REP looks to invest up to $500 million in companies with EBIDTA of $5 - $50 million. The Firm seeks to hold both majority and minority equity interest in portfolio companies. Specific areas of interest include basin industries and services, energy, healthcare, telecommunications, media and technology. Ridgemont Equity Partners is a spun-off of Banc of America Capital Investors (BACI). Ridgemont Equity Partners was formed in August 2010 and is based in Charlotte, North Carolina.

DEAL STATS #
Overall 22 of 91
Sector (Restaurants) 1 of 2
Type (Add-on Acquisition) 14 of 36
Country (United Kingdom) 1 of 4
Year (2005) 6 of 6
Size (of disclosed) 3 of 23
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-11-01 Evoca

Milan, Italy

Evoca is a manufacturer of Hot & Cold and Snack & Food vending machines. Evoca was founded in 2000 and is based in Milan, Italy.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-12-14 Validus Re

Pembroke, Bermuda

Validus Re is a provider of reinsurance and insurance, conducting its operations worldwide through two wholly-owned subsidiaries, Validus Reinsurance, Ltd. and Talbot Holdings Ltd. The company is a Bermuda-based reinsurer focused on short-tail lines of reinsurance. Talbot is the Bermuda parent of the specialty insurance group primarily operating within the Lloyd's insurance market through Syndicate 1183. Validus Re was founded in 2005 and is based in Pembroke.

Buy -
SELLER

The Blackstone Group

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1987
PE ASSETS 131.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Blackstone Group is a global alternative investment management firm. The Firm's investment activities span real estate, secondary investments, hedge funds, credit, infrastructure, and private equity. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York, New York.

DEAL STATS #
Overall 27 of 174
Sector (Restaurants) 1 of 3
Type (Add-on Acquisition) 10 of 67
Country (United Kingdom) 2 of 17
Year (2005) 7 of 8
Size (of disclosed) 11 of 57
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-11-21 Orangina

Amsterdam, Netherlands

Orangina is a fruit-based soft drinks business that markets, bottles, distributes and franchises a number of carbonated and other soft drinks. Orangina was founded in 1936 and is based in Amsterdam, Netherlands.

Buy £1.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-12-15 New Skies Satellites N.V.

The Hague, Netherlands

New Skies Satellites is one of only four fixed satellite communications companies with truly global satellite coverage, offering video, data, voice and Internet communications services to a range of telecommunications carriers, broadcasters, large corporations, Internet service providers and government entities around the world.

Sell $1.2B
SELLER

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor

Category Private Equity Firm
Founded 1992
PE ASSETS 137.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.

DEAL STATS #
Overall 28 of 267
Sector (Restaurants) 2 of 6
Type (Add-on Acquisition) 8 of 94
Country (United Kingdom) 2 of 12
Year (2005) 7 of 8
Size (of disclosed) 12 of 71
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-11-28 Conexant Systems

Newport Beach, California, United States

Conexant Systems, Inc. is a provider of semiconductor devices for imaging (fax machines and printers) and embedded modem (point-of-sale terminals and set-top-boxes) applications. Conexant’s innovative new product portfolio also includes high-fidelity audio and video surveillance end-markets which leverage its core expertise in analog and mixed-signal design and firmware development. The company is headquartered in Newport Beach, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-12-05 Findexa

Oslo, Norway

Findexa is one of Norway's largest publishers of telephone directories.

Sell kr5.4B
SELLER

CVC Capital Partners

Luxembourg, Luxembourg

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1981
PE ASSETS 177.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

CVC Capital Partners is a global private equity firm focused on investments in large companies located in Europe, North America, and Asia. CVC looks for opportunities with stable cash flows and talented management, and will consider businesses in a variety of industries. Target sectors include textiles, industrial products, waste management, building materials, energy/utilities, business services, financial services, distribution, healthcare, media, semiconductors, and gaming. CVC can handle transactions valued from €200 million to €10 billion. CVC Capital Partners was formed in 1981 and is based in Luxembourg.

DEAL STATS #
Overall 51 of 173
Sector (Restaurants) 1 of 4
Type (Add-on Acquisition) 19 of 63
Country (United Kingdom) 18 of 33
Year (2005) 17 of 17
Size (of disclosed) 4 of 54
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-12-01 Kappa Packaging BV

Eindhoven, Netherlands

Kappa Packaging was formed from the buy-out of the Dutch group NV Koninklijke KNP BT in July 1998 and the acquisition of the corrugated and container board operations of AssiDomän AB in May 2001.Smurfit Kappa Group was formed out of the merger of Jefferson Smurfit and Kappa Packaging in December 2005.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-01 bpost

Brussels, Belgium

bpost is a modern, efficient postal company with a network of 670 post offices and 670 PostPoints that provides the universal service in Belgium, serving every letterbox five days per week and delivering around 10 million letters and 100,000 parcels on a daily basis. bpost was founded in 1830 and is based in Brussels, Belgium.

Buy -
Mergr

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