NEW YORK, Sept. 4, 2017 /PRNewswire/ -- Cerberus Capital Management, L.P. and its affiliates ("Cerberus") today announced the sale of Admiral Taverns, a leading U.K. leased and tenanted pub company, to a joint venture that includes C&C Group plc, Proprium Capital Partners, and Admiral Taverns management.
Admiral Taverns owns and operates an estate of 845 predominantly wet-led pubs, mainly across England and Wales with a broad geographic distribution. Under Cerberus' ownership, the company achieved consistently strong operational performance and received industry recognition for excellence, including being named Leased and Tenanted Pub Company of the Year in 2016. Together, Cerberus and Admiral Taverns management also expanded the business meaningfully through increased investment in strategic initiatives, including the successful acquisition and integration of a portfolio of 111 pubs from Heineken U.K.
"Since 2012, Cerberus has partnered with the exceptional management team at Admiral Taverns, led by CEO Kevin Georgel, to strengthen and expand the business for the benefit of our investors and Admiral's stakeholders, including consumers, tenants, and communities," said Ronald Rawald, Head of International Real Estate and Senior Managing Director of Cerberus. "Today, Admiral is the U.K.'s number one community pub group and is poised for continued and sustainable success. We are proud of what we have accomplished through our partnership with the Admiral team and continue to believe the U.K. pub sector is an attractive segment for long-term investors."
Terms of the transaction were not disclosed. Sapient Corporate Finance served as financial advisor to Cerberus, and Linklaters LLP served as legal advisor to Cerberus.
About Cerberus Capital Management, L.P.
Established in 1992, Cerberus Capital Management, L.P. is one of the world's leading private investment firms. Cerberus has more than US $30 billion under management invested in three complementary strategies: global credit opportunities, private equity, and real estate. From its headquarters in New York City and network of affiliate and advisory offices in the United States, Europe, and Asia, Cerberus has the on-the-ground presence to invest in multiple asset classes globally.
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SOURCE Cerberus Capital Management, L.P.