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US Texas Pacific exits Punch Taverns investment10/12/2003. Source: AltAssets. 
 US private equity firm Texas Pacific has exited its investment in Punch Taverns. The firm has sold its 21.8 per cent stake in the UK’s largest pub operator to a number of institutional investors.
Punch Taverns was established in 1997 with the purchase of the old Bass leased pub estate. Two years later it added the leased pub estate of drinks group Allied Domecq. The company then acquired rival Pubmaster for £1.2bn last month, making it the UK’s largest operator of public houses.
The strongly cash-generative quality of pub estates has made them a firm favourite among private equity houses in recent years. Texas Pacific Group was also part of a consortium that included Blackstone Group, CVC Capital Partners and Merrill Lynch Global Private Equity, which acquired nearly 1,500 pubs and restaurants from brewer Scottish & Newcastle for £2.5bn in October this year.
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