Avebury Taverns and Vision Capital, the secondary direct portfolio investor, have sold the remaining 409 pubs in the portfolio to Punch Taverns for a total consideration of £219m. This follows the successful sale of 253 pubs to Admiral Taverns in May for £69.75m. The return on the investment was undisclosed.
Vision Capital acquired a controlling stake in Avebury Taverns in February 2004 when it purchased the entire portfolio of private equity investments of the CS Structured Credit Fund from Credit Suisse First Boston for an undisclosed sum.
The transaction was backed by Vision Capital, Landmark Partners and Goldman Sachs Vintage Funds and was syndicated to five other investors including AIG Retirement Services, Paul Capital Partners and the Broad Foundation.