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  5. Cerberus buys Admiral Taverns for $323 mln

Pin to quick picksLloyds Share News (LLOY)

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Share Price Information for Lloyds (LLOY)

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Share Price: 53.82
Bid: 53.80
Ask: 53.82
Change: -0.12 (-0.22%)
Spread: 0.02 (0.037%)
Open: 54.16
High: 54.34
Low: 53.70
Prev. Close: 53.94
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Cerberus buys Admiral Taverns for $323 mln

Fri, 04th Jan 2013 16:30

By Anjuli Davies LONDON, Jan 4 (Reuters) - U.S. private equity firm CerberusCapital Management is to buy British pub group Admiral Tavernsfrom part state-owned Lloyds Banking Group, which isshedding non-core businesses. While terms were not disclosed, two people familiar with thematter said on Friday the deal had an enterprise value - debtplus equity - of 200 million pounds ($323 million). The debt portion was around 150 million pounds, withCerberus providing 50 million cash, the people said. Lloyds took control of Admiral, which operates 1,100 pubs,as part of a restructuring in 2009 involving a debt-for-equityswap after the firm was swamped with 900 million pounds debt. Like many British pub groups, Admiral was hit by thecountry's moves into recession, with a smoking ban not helping. Admiral reported 27 million pounds underlying core earningsin the year to June. It hopes to sell around 100 underperformingpubs to boost profit. Cerberus will retain the existing senior management team. "Admiral's business provides an ideal platform for theacquisition of additional tenanted pubs in the UK," LeeMillstein, senior managing director at Cerberus said. Founded in 1992 by Stephen Feinberg and William Richter, NewYork-based Cerberus has more than $20 billion under management. Admiral Taverns management and Lloyds were advised by PWC,while Cerberus was advised by Sapient Corporate Finance.
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Today 15:49

UK shareholder meetings calendar - next 7 days

Friday 10 May 
Cairn Homes PLCAGM
Derwent London PLCAGM
Diversified Energy Co PLCAGM
Hutchmed China LtdAGM
Irish Residential Properties REIT PLCAGM
Kenmare Resources PLCAGM
Rightmove PLCAGM
Serinus Energy PLCAGM
Standard Chartered PLCAGM
Wheaton Precious Metals CorpAGM
Monday 13 May 
88 Energy LtdAGM
888 Holdings PLCAGM
hVIVO PLCAGM
Kore Potash PLCAGM
Tuesday 14 May 
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Chesnara PLCAGM
Cirata PLCAGM
Computacenter PLCAGM
EKF Diagnostics Holdings PLCAGM
FDM Group PLCAGM
Henderson High Income Trust PLCAGM
Kakuzi LtdAGM
Luceco PLCAGM
Midwich Group PLCAGM
Phoenix Group Holdings PLCAGM
TI Fluid Systems PLCAGM
Wednesday 15 May 
Accrol Group Holdings PLCGM re takeover by Navigator Paper
Aura Renewable Acquisitions PLCAGM
Barratt Developments PLCGM re takeover of Redrow PLC
Bridgepoint Group PLCAGM
Burford Capital LtdAGM
Conduit Holdings LtdAGM
Funding Circle Holdings PLCAGM
Gama Aviation PLCGM re tender offer
GCP Asset Backed Income Fund LtdAGM
Greggs PLCAGM
IQGeo Group PLCAGM
Literacy Capital PLCAGM
Marshalls PLCAGM
Mpac Group PLCAGM
Redrow PLCGM re takeover by Barratt Developments PLC
Renewables Infrastructure Group LtdAGM
Savills PLCAGM
Seneca Growth Capital VCT PLCAGM
Spirax-Sarco Engineering PLCAGM
St James's Place PLCAGM
TP ICAP Group PLCAGM
Vesuvius PLCAGM
Thursday 16 May 
Ceres Power Holdings PLCAGM
ConvaTec Group PLCAGM
Costain Group PLCAGM
Eurocell PLCAGM
Global Opportunities Trust PLCAGM
Gresham Technologies PLCGM re takeover by STG Partners funds
H&T Group PLCAGM
Ibstock PLCAGM
Just Eat Takeaway.com NVAGM
Lloyds Banking Group PLCAGM
M&C Saatchi PLCAGM
Michelmersh Brick Holdings PLCAGM
Next PLCAGM
Predator Oil & Gas Holdings PLCAGM
PYX Resources LtdAGM
Restore PLCAGM
RTW Biotech Opportunities LtdAGM
Secure Trust Bank PLCAGM
Seplat Energy PLCAGM
Triple Point Social Housing REIT PLCAGM
Tyman PLCAGM
Unite Group PLCAGM
Vector Capital PLCAGM
Vistry PLCAGM
WAG Payment Solutions PLCAGM
  
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