In March 2002, a Private Equity Consortium comprising LGV, Cinven and Princes Gate Investors joined together with Enterprise Inns to purchase the combined estates of the Unique and Voyager pub estates. Enterprise Inns acquired a 16.8% stake in the Company and agreed a call option over the Private Equity Consortium’s shares as part of the transaction. The total enterprise value of the acquisition of the Unique and Voyager pub estates from Nomura International plc was £2,013 million.
Following the acquisition, the operations of the two estates were merged and an acceleration of the lease conversion programme of Voyager’s estate was undertaken. The combined Unique and Voyager estate was the subject of a successful additional securitisation programme which raised £855 million. Following this securitisation, capital was returned to the Private Equity Consortium and the terms of the call option altered to reflect this return of capital.
In March 2004, LGV announced that Enterprise Inns plc had acquired the 83.2% equity stake in the Unique Pub Company held by the private equity consortium for a consideration of approximately £609 million.
