M&A Deal Summary

TDR Capital and CPP Investments Acquire Stonegate Group

On November 1, 2010, private equity firm TDR Capital and pension CPP Investments acquired restaurant Stonegate Group from Mitchells & Butlers for 373M GBP

Acquisition Highlights
  • This is TDR Capital’s 3rd and CPP Investments’ 1st transaction in the Restaurants sector.
  • This is TDR Capital’s 8th and CPP Investments’ 57th largest (disclosed) transaction.
  • This is TDR Capital’s 8th and CPP Investments’ 1st transaction in the United Kingdom.

M&A Deal Summary

Date 2010-11-01
Target Stonegate Group
Sector Restaurants
Buyer(s) TDR Capital
CPP Investments
Sellers(s) Mitchells & Butlers
Deal Type Divestiture
Deal Value 373M GBP
Advisor(s) Global Leisure Partners (Financial)

Target

Stonegate Group

West Midlands, United Kingdom
Stonegate Group operates over 690 pubs and bars across the UK, within a wide variety of formats. Stonegate Group was founded in 2010 and is based in West Midlands, United Kingdom.

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Buyer(S) 2

Buyer

TDR Capital

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2002
PE ASSETS 15.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

TDR Capital is a private equity firm that targets large companies valued from €300 million to €1.5 billion. TDR has a particular interest in under-managed, under-invested or misunderstood companies which may be transformed through greater strategic and operational focus. TDR is sector agnostic, however the Firm has a preference for opportunities in the leisure/hospitality, financial services, and business services sectors. TDR Capital was formed in 2002 and is based in London.


DEAL STATS #
Overall 11 of 32
Sector: Restaurants M&A 3 of 5
Type: Divestiture M&A Deals 3 of 8
Country: United Kingdom M&A 8 of 18
Year: 2010 M&A 2 of 2
Size (of disclosed) 8 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-07-01 Phoenix

London, United Kingdom

Phoenix provides a range of products through our trusted pensions, savings, and life insurance brands. Phoenix was founded in 1782 and is based in London, England.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-09-01 Lowell

Leeds, United Kingdom

Lowell acquires portfolios of charged off debt from a wide range of financial services companies and other lenders, and is now one of the leading players in the UK market. Lowell is based in Leeds, United Kingdom.

Buy -
Buyer
DESCRIPTION

CPP Investments is a Canadian pension fund focused on a variety of investing strategies, including public equities, debt, and alternative investments. The Firm's private equity arm looks to acquire direct stakes in private companies, as well as make fund investments and acquire secondary positions. For direct stakes in companies, CPP looks to invest across North American and Europe and seeks to commit a minimum of $150 million per transaction. CPP has no industry preferences however the Firm will not invest in real assets. CPP Investments was established in 1997 and is based in Toronto, Ontario.


DEAL STATS #
Overall 5 of 176
Sector: Restaurants M&A 1 of 2
Type: Divestiture M&A Deals 1 of 18
Country: United Kingdom M&A 1 of 14
Year: 2010 M&A 3 of 3
Size (of disclosed) 57 of 60
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-09-30 Gates Industrial

Denver, Colorado, United States

Gates Industrial is a manufacturer of power transmission belts and a premier global manufacturer of fluid power products. Gates Industrial was founded in 1911 and is based in Denver, Colorado.

Buy $5.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-04-25 Confluent Medical

Scottsdale, Arizona, United States

Confluent Medical is a contract manufacturer of Nitinol-based and balloon catheter medical devices. Confluent provides a broad range of capabilities including developing and manufacturing components, delivery systems, and finished devices for medical device OEMs in many of the fastest-growing healthcare subsectors, including neurovascular, structural heart, electrophysiology, aortic intervention, peripheral vascular, and ENT. Confluent Medical was founded in 1991 and is based in Scottsdale, Arizona.

Buy -

Seller(S) 1

SELLER

Mitchells & Butlers

Birmingham, United Kingdom

Category Company
Founded 1898
Sector Restaurants
Employees50,000
Revenue 2.6B GBP (2024)
DESCRIPTION

Mitchells & Butlers is one of the operator of restaurants, pubs and bars in the UK, providing a wide choice of eating and drinking-out experiences through well-known brands and delivering great service, quality and value for money to guests. Mitchells & Butlers was founded in 1898 and is based in Birmingham, United Kingdom.


DEAL STATS #
Overall 1 of 1
Sector: Restaurants M&A 1 of 1
Type: Divestiture M&A Deals 1 of 1
Country: United Kingdom M&A 1 of 1
Year: 2010 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-09-01 Ha Ha Bar & Grill

Luton, United Kingdom

Ha Ha Bar & Grill Limited owns and operates dining and buffet restaurants in the United Kingdom.

Buy £20M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-06-16 The Orchid Group

St Albans, United Kingdom

The Orchid Group is an independent managed pub operator with 249 largely food-oriented pubs, restaurants and bars spread across the UK.

Buy $266M