Community pub group Admiral Taverns has been acquired by Proprium Capital Partners and Magners brewer C&C Group in partnership with the group's management, it was announced this morning.
The company, which has an estate of 845 tenanted pubs, is thought to be valued at around £220m by the deal.
Admiral's management team is set to remain at the top of the business, led by chief executive Kevin Georgel.
Georgel commented: "Our strategy remains unapologetically consistent and I look forward to working with the support of our new investors to continue to build on the significant progress the business has made over the last five years and take advantage of the opportunities within our markets, as and when they arise.”
Admiral has been owned by private equity firm Cerberus since 2013. The firm paid around £200m for the company, resulting in an estimated loss of £500m for previous owner Lloyds Banking Group.
Admiral said today that the new ownership provided investment for it to continue its growth trajectory, which has included investments such as the integration of 111 sites acquired from Heineken's Star Pubs and Bars in 2014.
C&C said this morning it had taken a minority investment in Admiral, putting in £37m, with the rest of the capital provided by Proprium and Admiral management. The exact amount paid by the other parties was not disclosed.
The deal is part of a wave of mergers and acquisitions in the beer and pubs sector this year, with Heineken's Punch Taverns takeover green lit by the competition watchdog last month. Meanwhile large breweries are buying up smaller craft outfits, the sale of London Fields Brewery to Carlsberg being one in a string of recent takeovers.