Bid for Punch Taverns PLC

Punch Taverns is one of the UK’s largest leased pub companies, with a portfolio of more than 3,200 pubs nationwide.

In 2016 Emerald identified a significant value opportunity to acquire Punch and acquired an equity stake.

In early 2017 we invested in the company and raised finance to fully fund a >£1.7bn buyout of the business.

The company was subsequently sold to Heineken NV and Patron Capital who also saw the value opportunity we identified.