Private equity firm Epiris has taken on Amber Taverns’ 178-strong estate of freehold, wet-led pubs via its Epiris Fund III.
Amber was founded in 2005 by CEO James Baer.
The group’s portfolio, which is predominantly based in the North of England, the Midlands, Scotland and Wales, is focused on a hybrid ‘operator-managed’ business model.
Epiris says Amber has grown by offering its customers value for money across a broad range of leading drinks brands, as well as premium live sports coverage and other entertainment such as live music, karaoke and sports such as interactive darts.
“Amber has a firm and clear focus on value and service, with a broad product range served at competitive prices in community settings with a strong entertainment offering,” explains Ian Wood, partner and head of the investment team at Epiris.
“This has enabled it to grow consistently, delivering industry-leading financial performance and taking share in the large and resilient pubs market.”
Among the selling shareholders is Michael George of the mid-market private equity firm MxP, who is also a founding shareholder of Amber Taverns.
“We are excited to enter the next growth phase in partnership with Epiris, who invested the time and effort to understand our business and what makes an Amber pub,” says Baer.
“We are confident that they can support us in our ambitious expansion plans.
“Epiris’ investment further demonstrates that a well-invested pub focused on serving its local community is a resilient and relevant business model, and it is a vote of confidence not just in Amber but in the sector as a whole.”
The Epiris team on the Amber investment is Ian Wood, Aaron Atwal and Scott Forbes.
Epiris was advised by Sapient Corporate Finance, Macfarlanes, CBRE and PwC. Financing is being provided by Alpha Real and Ares Management funds.
Amber Taverns was advised by Rothschild & Co, DLA Piper, Savills and Alvarez & Marsal.