PPM Capital has sold pub chain Barracuda Group to Charterhouse Capital Partners LLP for £262m. The sale returns around three times Barracuda’s original investment and is the firm’s third divestment this year.
The Royal Bank of Scotland has provided senior and mezzanine debt funding on the transaction.
Barracuda Group owns and operates managed pubs across England, Wales and Scotland operating under brands including Smith & Jones, Varsity, Barracuda Bar and Barracuda Pubs. The group was formed in July 2000 for the £50m acquisition of 35 pubs by a management team led by Mark McQuater and backed by PPM Capital. PPM Capital invested a total of £55m in the business.