CMS and Kirkland Toast Multibillion-Pound Pub Deal
The deal is one of the biggest for CMS since its three-way merger.
July 18, 2019 at 06:09 AM
2 minute read
The deal values EIG at £3 billion (Image: Pixabay)
Kirkland & Ellis and CMS are advising on one of the U.K.'s largest pub acquisitions.
The U.K.'s Stonegate Pub Company – owner of pub chains Slug & Lettuce and Yates's – is buying pub outfit EI Group (EIG) in an all-cash offer valuing the business at £2.97 billion, including debt.
EIG is the largest owner of pubs in the U.K., with more than 4,000 properties across England and Wales.
Kirkland is advising Stonegate, with corporate partners David Holdsworth, Stuart Boyd and Dipak Bhundia leading.
Meanwhile, EIG has turned to CMS, which has fielded a team including partners Gary Green, Gordon Anton and Alasdair Steele who are advising on corporate and M&A matters, with Caroline Hobson overseeing competition law matters.
The deal, which is set to complete in the first quarter of 2020, is one of the largest that CMS has advised on since its three-way merger in 2017.
The firm also advised Colgate-Palmolive on a €1.5 billion acquisition of Laboratoires Filorga Cosmétiques, which was also announced this week.
Stonegate itself began trading in 2010 after acquiring 333 pubs from Mitchells & Butlers. Prior to the latest deal, it had a national estate of more than 765 operating outlets.
The deal is the latest in a series of multibillion-pound acquisitions that have been announced this week. Others include Blackstone's acquisition of CRH's Europe Distribution business and CVC's purchase of Bosch's packaging machinery business.
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