On 24 August 2017, Vine Acquisitions Limited (“VAL”), a company backed by May Capital and Patron Capital, completed its acquisition of Punch, for an implied enterprise value of c.£1.8 billion (c.$2.3bn USD).
Following the disposal of the Punch A pubs to Heineken, the retained Punch business now owns c.1,350 pubs across the UK.
May Capital was instrumentals in the origination and execution of the transaction and provides certain services to Punch under the terms of a management agreement. Noah Bulkin, the founder and managing partner of May Capital, has joined Patron on the Boards of Punch and VAL.
Joelson, a leading London law firm, with substantial experience in the hospitality sector, and of providing legal advice in investment/management transactions of this nature, represented May Capital.
Sheldon Cordell, chairman of Joelson said: “It was a great pleasure for our firm to advise May Capital and those connected with it on what is genuinely a landmark transaction in the pub sector. We look forward to exciting times ahead in this fast changing arena.”
Noah Bulkin, managing partner of May Capital, added: “We thoroughly enjoyed working with the Joelson team on the deal; they did absolutely everything asked of them, and more. Great service all around.”
This landmark transaction marks the fifth acquisition by a May Capital portfolio business in this sector since 2014.
*The acquisition was made via Vine Acquisitions Limited, a special purpose vehicle set up by Patron Capital and May Capital.
“It has been a great pleasure working with the team at Joelson. In my experience they have a uniquely smart and creative approach to business structuring and transactions, alongside consummate professionalism and a great sensitivity to the needs of Founders and other stakeholders. I’d say working with Joelson significantly enhances the chances of completing a transaction with a good outcome.”
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