Leading law firm, Birketts, has advised Redcat Pub Company Limited (Redcat), on a private equity investment of £200m from leading US asset manager, Oaktree. RedCat intends to use the investment to target quality retail and tenanted pubs in the south and east of England for acquisition – both individual businesses and operators.
Redcat is the new venture of former Greene King Chief Executive, Rooney Anand. By joining forces with Oaktree to create a new pub company, Anand hopes to breathe life back in to the struggling hospitality sector, as soon as pandemic restrictions ease.
Based in LA, Oaktree’s existing UK investments include gym group FitnessFirst and estate agent Countrywide. It has become one of the world’s leading asset managers, boasting a portfolio of around £148bn.
The deal was led by Partner Mark Pinder (Corporate) working with Caroline Nicholls (Corporate), Abi Trencher (Employment), Lisa Hayward (Employee Benefits) and Karl Pocock (Tax).
Mark Pinder, Partner in Birketts’ Corporate Team said: “This investment is fantastic news for both parties and the wider hospitality sector. The boosted investment capabilities of Redcat should put them in a unique position to lift the UK pub sector out of the slump caused by a series of extended lockdowns. We are delighted to have assisted on this deal and we look forward to seeing RedCat develop into a formidable regional player and grow their portfolio.”
Mr Anand said: “The pub sector has withstood many challenges throughout history and I firmly believe it will recover – playing as it does, an essential role in the community. I feel confident that with the right support the sector will bounce back after this pandemic . I would like to thank Birketts for their excellent client service, proactive approach and willingness to operate whatever hours were needed. Working with Birketts is a an excellent experience.”