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.
“Joelson helped us at a crucial time in our business as we took on our first investors. They supported us with introductions, useful advice and made handling all the practicalities of relevant transactions very easy. They were friendly and easy to work with as they understand the nature of start-ups. We’ll continue working with them as we continue growing.”
Michael Dixon, Snact