Liberation

The Liberation Group (“Liberation”) is an integrated pub and brewing business operating across the South of England and in the Channel Islands. Liberation currently owns over 130 premium pubs (many with bedrooms) as well as substantial brewing and distribution businesses in each of its operational territories.

Background

Liberation has a 150-year history in the Channel Islands and remains the largest pub group operating across the islands. In 2015 Liberation entered the UK market with the acquisition of Butcombe.

Caledonia had tracked Liberation since 2013, before ultimately acquiring the business in 2016. We were attracted to Liberation because of the:

Long-term fundamentals of the premium pub sector;
Highly cash generative business model in the Channel Islands;
Significant growth potential in the UK; and
Substantial freehold property underpin.

Investment thesis

Our investment thesis has been to:

Drive organic growth;
Target, high ROCE, development capital investment opportunities; and
Acquire small, high quality pub portfolios across Southern England.

We have supported Liberation with c.£75m of follow-on equity capital, principally to facilitate the acquisition of:

A portfolio of pubs from Brains (Nov-17);
21 pubs from Wadworth (Dec-20); and
Cirrus Inns (Dec-22).

Since our investment Liberation has transformed from a Channel Islands centric business to one that is now evenly balanced between the UK and the Channel Islands.

Investment Date:

September 2016

Investment Status:

Current

Business Description:

Leisure

Investment Type:

Secondary MBO; majority

Initial equity investment

£71m

Latest Caledonia NAV:

£135m (as at March 2024)

Caledonia Private Capital Team:

Tim Lewis, Theo Tizard

Related Press Releases:

Caledonia Private Capital acquires Liberation

Jonathan Lawson appointed CEO

Liberation acquires 21 pubs from Wadworth

Liberation merges with Cirrus Inns

www.liberationgroup.com

CEO Perspective

“Caledonia’s longer-term approach and values was one of the reasons for me taking the opportunity as CEO of Liberation. They have fully supported me and my executive team over the last five years and demonstrated excellent judgement that has enabled us to invest, even during the pandemic, and grow into one of the leading premium operators within our sector.”

Jonathan Lawson

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