Punch Pubs and Co has been acquired for an undisclosed sum by US firm Fortress Investment Group, which purchased the firm’s parent company Vine Acquisitions from Patron Capital Partners.
The move is expected to shore up Punch’s 1,300- strong estate in the unpredictable post-pandemic hospitality environment, as Fortress eyes further “extremely attractive” investment opportunities in the country.
“Fortress is a hugely experienced investor, which understands the strengths of our business and fully buys into our strategic positioning and business plan,” said Punch CEO Clive Chesser.
“We welcome its 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.”
The deal was first rumoured in November, with Sky News stating Fortress – a subsidiary of Japan’s SoftBank – had offered £1bn for the company.
Commenting on the acquisition, Fortress MD Cyril Courbage said the business is now ideally placed “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.”