Caledonia Investments PLC Acquisition (3086J)
September 08 2016 - 7:36AM
UK Regulatory
TIDMCLDN
RNS Number : 3086J
Caledonia Investments PLC
08 September 2016
CALEDONIA INVESTMENTS COMPLETES THE ACQUISITION OF THE
LIBERATION GROUP
On 6 July 2016, Caledonia Investments plc ("Caledonia")
announced (under RNS number 4074D) that it had agreed to acquire
The Liberation Group Limited (Liberation"), the Channel Islands'
market leading pub, restaurant and drinks business in a transaction
which valued Liberation at GBP118m. The acquisition was conditional
on the approval of the Channel Islands Competition and Regulatory
Authorities, which Caledonia is pleased to advise has now been
granted and accordingly the transaction has been completed.
Caledonia has acquired a 97.9% equity stake in Liberation for
GBP71.0m, with Liberation's management team subscribing GBP1.5m,
GBP0.1m more than originally anticipated. The balance of the
acquisition costs has been funded by bank debt totalling
GBP51.0m.
8 September 2016
For further information contact:
Caledonia Investments
plc +44 20 7802 8080
Will Wyatt,
Chief Executive
Stephen King,
Finance Director
Duncan Johnson,
Head of Unquoted
Investments
Media contact:
Tulchan Communications +44 20 7353 4200
Peter Hewer
Jessica Reid
END
Notes for editors:
Caledonia Investments plc
Caledonia is a self-managed investment trust company listed on
the London Stock Exchange with net assets of approximately GBP1.7bn
as at 31 August 2016. The company maintains a concentrated
portfolio of international quoted, unquoted and fund investments
and has paid an increasing annual dividend for 49 years.
In the unquoted arena, Caledonia seeks to invest GBP25m to
GBP100m in private companies, either on a majority or minority
basis, providing a meaningful presence and growth capital
supporting double-digit operating margins. Its unquoted portfolio
includes Park Holidays (a UK caravan parks operator), Cobehold (a
European unquoted investment house), Gala Bingo (the UK market
leading retail bingo operator), Seven Investment Management (a
provider of discretionary fund management, asset management and
self-invest platform services), The Sloane Club (a London
residential club) and Choice Care Group (a UK learning disability
care homes provider).
For additional information on Caledonia, please visit
www.caledonia.com.
The Liberation Group Ltd
Liberation was formed in 2008 following a LGV Capital financed
management buy-in/buy-out of the hospitality division of Sandpiper
CI, a Channel Islands trading conglomerate (previously CI Traders).
Liberation's pub estate however has a history dating back to 1830
and its Channel Islands brewery is 145 years old. In early 2015, it
gained its first foothold on the UK mainland through the purchase
of Butcombe, the West Country based integrated pub and brewing
company.
Liberation currently operates 94 predominantly freehold pubs
located in Jersey (45 pubs), Guernsey (26 pubs), Alderney (3 pubs)
and mainland UK (20 pubs) as well as owning two breweries,
Liberation Brewery (Channel Islands) and Butcombe Brewery (UK).
Liberation also owns three drinks distribution businesses, Victor
Hugo (Jersey) Bucktrout & Co (Guernsey) and Butcombe (mainland
UK).
For additional information on Liberation, please visit
www.liberationgroup.com.
Neither the contents of Caledonia's nor Liberation's websites,
nor the contents of any website accessible from hyperlinks on these
websites (or any other website) is incorporated into, or forms part
of, this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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