Risk Capital Partners and ICG Enterprise Trust have successfully sold their majority stake in the Laine Pub Company to Vine Acquisitions Limited, backed by Patron Capital and May Capital. The terms of the transaction have not been disclosed.
Laine Pub Company is the leading independent, vertically-integrated managed pub company with 33 sites in Brighton and 21 sites in London. All Laine’s pubs are tailored to their local community, serving Laine’s own craft beer range brewed in its brewpubs and its own central brewery in Sussex.
Gavin George, Gary Pettet, Peter Bennett and Martin Swindon led a secondary management buyout of Laine’s in 2014 with backing from Risk Capital Partners and Graphite Capital’s fund management business, Graphite Enterprise Trust (now ICG Enterprise Trust).
Gavin George, Managing Director of Laines, said: “With the support of Graphite Capital and Risk Capital Partners, our estate has grown to 54 managed pubs in Brighton and London, and we now brew the Laine’s portfolio of craft beers for the whole estate in-house. I would like to thank everyone for their support and guidance as Laine’s has grown over the years.”
Ben Redmond of Risk Capital Partners added: “The business plan we backed empowered Gavin and his team to grow their managed pub business in London. The London estate has grown from 6 sites to 21 sites and Laines now operates a centralised craft brewery. We are delighted to see Laine’s prove attractive to a trade buyer with the scale and ambition of Punch Taverns.”
The sale of Laines delivered a return to Risk Capital Partners of just over 2.0x cost and an IRR of 20%.