Sapient has advised on more deals since 2009 (£2.8bn) than any other adviser

Date Client CounterParty Type of Deal Sector Transaction Value (£m) Number of Outlets  
Nov-15 Cubitt House Private investors Acquisition Managed Not disclosed 4 arrows

In November 2015, Sapient advised the shareholders of Cubitt House on the sale of a majority stake to private investors, who will provide the growth capital for the continued expansion of the business. Cubitt House included four very successful pubs located in Belgravia and Marylebone in Central London (Thomas Cubitt, Orange, Alfred Tennyson, Grazing Goat).

Sep-15 Stonegate Tattershall Castle Group Acquisition Managed Not disclosed 53 arrows

Sapient advised Stonegate Pub Company, the managed pub operator, on the acquisition of 53 managed pubs from Tattershall Castle Group (TCG) in September 2015 for an undisclosed sum. Stonegate, with Sapient's assistance, pursued the acquisition of TCG for over four years. Half of the sites were located in the South East of England, with 20 sites located in Greater London. Sapient has concluded five transactions with Stonegate and TDR since 2010.

Aug-15 Punch Taverns NewRiver Retail Disposal Disposal Tenanted 54 158 arrows

Sapient advised Punch Taverns on the sale of 158 largely non-core tenanted pubs to NewRiver Retail, the specialist retail and leisure property REIT, for £53.5m or £340,000 per pub. Sapient selected pubs from the Punch Turnaround estate to include in the package based upon their financial stability and performance. The transaction was Sapient's 27th transaction for Punch, including 23 disposals.

Aug-15 Punch Taverns n/a Strategic Review Tenanted n/a n/a arrows

Sapient conducted a strategic review for this leading operator of leased and tenanted pubs. The review included the identification and review of alternative operating models, such as managed and franchised, that might be appropriate for the business as it developed the strategic plan for the business under the new Chief Executive, Duncan Garrood.

Jun-15 Meantime SAB Miller Disposal Brewing Not disclosed n/a arrows

Sapient acted as sole financial adviser to Meantime Brewing Company, the brewer of London Pale Ale and London Lager, on its sale to SABMiller PLC. Contracts were exchanged in less than four weeks from heads of terms being agreed.

Dec-14 Cerberus Real estate investors Acquisition & Disposal Managed 100 16 arrows

Sapient advised Cerberus Capital Management, the real estate private equity firm, on the acquisition and simultaneous on-sale of 16 central London freeholds for £100m, a yield of 4.75%, to institutional investors. The sale was completed within three months of launch. Sapient has completed four acquisitions, four refinancings and one disposal for Cerberus and Admiral Taverns.

Oct-14 Admiral Taverns BAWAG / Ares Debt Advisory Tenanted 126 1,000 arrows

Sapient advised Admiral Taverns, a leading tenanted pub operator, on its refinancing with BAWAG PSK and Ares Capital Management, following Admiral's acquisition of 111 pubs from Star Pub Company (a subsidiary of Heineken UK) in October 2014.

Oct-14 Admiral Taverns Heineken Acquisition Tenanted 28 111 arrows

In October 2014, Sapient advised Admiral Taverns, the tenanted pub operator, on the acquisition of 111 tenanted pubs from Star Pub Company (a subsidiary of Heineken UK) to take its portfolio of pubs from 900 to 1,000 pubs, providing Admiral with buying synergies and momentum. Sapient assisted Admiral management with the negotiations with Heineken UK and Heineken Group, with which we have a strong relationship.

Sep-14 Cerberus Macquarie Debt Advisory Managed 77 47 arrows

Sapient advised Cerberus Capital Management, the real estate private equity firm, on the financing for 47 freehold pubs acquired from Prestbury Wentworth in September 2014. Macquarie Bank provided the five-year £76.5m term loan. The transaction was financed simultaneously with completion of the acquisition of the pubs and within four weeks of contract exchange.

Sep-14 Cerberus Prestbury Acquisition Managed 95 47 arrows

Sapient advised Cerberus Capital Management, the real estate private equity firm, on the acquisition of 47 freehold pubs from Prestbury Wentworth in September 2014. The freehold pubs, let to Spirit Pub Company, were the second tranche of managed pubs acquired by Cerberus from Prestbury, following 134 pubs acquired in January 2014.

Jun-14 The Orchid Group Mitchells & Butlers Disposal Managed 266 173 arrows

In June 2014 Sapient advised Deutsche Bank and the shareholders of The Orchid Group on the sale of 173 managed pubs to Mitchells & Butlers for £266 million, equating to an EV / outlet EBITDA multiple of 9.7x. Sapient recommended selling the core estate separately from the tail, increasing proceeds to Deutsche Bank and shareholders by £46m.

Apr-14 Cerberus Macquarie Debt Advisory Managed 143 134 arrows

In April 2014, Sapient acted as financial adviser to Cerberus Capital Management, the real estate private equity firm, on the refinancing of 134 freehold pubs acquired from Prestbury Wentworth in January 2014. Sapient conducted a process leading to a £142.5m unitranche facility provided by Macquarie Bank, closing within two months of completion of the acquisition.

Feb-14 Enterprise Inns n/a Strategic Review Managed n/a n/a arrows

Sapient conducted a review of the UK eating and drinking out market on behalf of this leading tenanted pub operator considering the development of a managed house business.

Jan-14 Cerberus Prestbury Acquisition Managed 203 134 arrows

Sapient advised Cerberus Capital Management, the real estate private equity firm, on the acquisition of 134 freehold pubs from Prestbury Wentworth in January 2014. Sapient’s advice included an assessment of the financial viability of the pubs, operated by Punch Taverns and Spirit Pub Company as managed and leased pubs.

Jan-14 Pub Freehold Acquisitions Bramwell Pub Company (pubco) Acquisition Managed 26 22 arrows

Acquisition of 23 freehold sites operated by Stonegate Pub Company from the Bramwell Pub Company propco.

Nov-13 Stonegate Bramwell Pub Company Acquisition Managed 34 78 arrows

Sapient advised Stonegate Pub Company, the managed pub operator, on the acquisition of 78 pubs, the core of Bramwell Pub Company. The sites acquired were located in towns and cities where Stonegate lacked representation, enhancing the geographic spread of its estate.

Jul-13 Admiral Taverns BAWAG / Ares Debt Advisory Tenanted 90 1,096 arrows

Following the acquisition of Admiral Taverns by Cerberus Capital Management, the real estate private equity firm, Sapient advised Admiral and Cerberus on the refinancing of Cerberus’ stake in Admiral. Sapient assisted Admiral management in negotiating a £90m debt facility with BAWAG PSK and Ares Capital Management within three months of the start of the process.

Dec-12 Cerberus Lloyds / Admiral Taverns Acquisition Tenanted 183 1,096 arrows

In December 2012, Sapient advised Cerberus Capital Management, the real estate private equity firm, on the successful acquisition of Admiral Taverns from Lloyds Banking Group.  Sapient advised Cerberus on the longer terms prospects of the tenanted pub sector and the stability of Admiral's income. The transaction, completed at the bottom of the tenanted pub market, remains the largest tenanted transaction since 2004.

May-12 Severn Trent Enterprise / Amey Disposal Other Not disclosed n/a arrows

Sapient advised Severn Trent on the sale of its meter installation business, Severn Trent Metering Services (Integra), to infrastructure maintenance company, Enterprise (now part of Amey). The decision to sell the metering business reflected Severn Trent's long-standing strategy to focus on its core expertise - the provision of water and waste water services both in the UK and in selected global markets.

Dec-11 Royal Bank of Scotland Heineken Disposal Tenanted 413 918 arrows

Sapient advised the Royal Bank of Scotland (RBS) on the sale of its joint venture business with Heineken for £413m or 8.4x outlet EBITDA in December 2011 in a very challenging market. Sapient conducted a strategic review of the business including an assessment of tenant profitability and options for maximising the sale proceeds of the business. This was achieved despite the end of contract buy out rights of Heineken, which limited RBS's sale options.

Aug-11 Intertain n/a Strategic Review Managed n/a n/a arrows

Sapient conducted a strategy review for the shareholders and lenders of Intertain, the operator of Walkabout bars and venues, recommending support for management's strategy of investment in the Walkabout estate, leading to a successful exit in November 2014 to Better Capital.

Apr-11 Brockton Capital Greene King Disposal Managed 53 14 arrows

Sapient advised Realpubs, the London pub company backed by Brockton Capital, comprising 14 unbranded premium pubs on its sale to Greene King plc for £53.5 million in April 2011. Sapient first acted for Brockton on the formation of its joint venture with the management of Realpubs, Malcolm Heap and Nick Pring, in December 2007.

Sep-10 Mitchells & Butlers Bay Restaurant Group Acquisition Managed 20 22 arrows

Sapient advised Mitchells & Butlers on its acquisition of 22 Ha Ha Bar & Grill restaurants from Bay Restaurant Group for £20m. The acquisition provided access to high profile leasehold sites for Mitchells & Butlers brand portfolio in some of the most successful retail parks in the UK, including the Oracle (Reading), Bluewater (Kent) and Gun Wharf Quays (Portsmouth).

Aug-10 Mitchells & Butlers TDR Capital Disposal Managed 373 333 arrows

In August 2010, Sapient advised Mitchells & Butlers on its £373 million disposal of 333 non-core pubs to Stonegate Pub Company, a company controlled by TDR Capital. The disposal provided Mitchells & Butlers with a clean exit from its wet-led, town centre and bars and venues businesses, and at the time was both the largest portfolio sale in the pub sector and the largest investment in the sector by a private equity investor since 2006.

Jul-10 Star Pubs & Bars n/a Strategic Review Tenanted n/a n/a arrows

Sapient undertook a strategic review to identify a core sustainable estate from the former Globe managed portfolio on behalf of Star Pubs & Bars, a subsidiary of Heineken UK. The review included an assessment of tenant profitability and identified steps to improve the profitability of struggling tenants.

2009-10 Punch Taverns Various trade buyers Disposal Managed 112 58 arrows

Sapient advised Punch Taverns on its portfolio disposal programme involving eleven completed transactions. Sapient sold pubs to Fullers, Greene King, JD Wetherspoon, JW Lees, McMullen's, Geronimo, Realpubs and Cubitt House, raising total proceeds of £58m in one of the most challenging markets for pub sales. Punch used the disposal proceeds to assist in its strategy of reducing debt and investing in its high-quality pub estate.

2009-10 Punch Taverns Various trade buyers Disposal Tenanted 48 52 arrows

During 2009 and the first half of 2010, Sapient advised Punch Taverns on its portfolio disposal programme. Sapient completed five transactions to four different regional brewers - Charles Wells, Shepherd Neame, St. Austell and Robinson's. Sapient sold 52 leased and tenanted pubs, raising total proceeds of £48 million, in the only sale of quality leased and tenanted pubs in 2009 and 2010. Punch used the disposal proceeds to assist in its strategy of reducing debt and investing in its high-quality pub estate.