Caledonia Investments has completed its £118m acquisition Channel Islands-based brewer and pub operator, the Liberation Group.
The deal comprises a management buy-out led by chief executive Mark Crowther and finance director Declan Hearne, from LGV Capital, which has backed the group since 2008.
The 97-strong group, which acquired Butcombe Brewery in 2014, has set its sights on growing its presence in the south west with a target of opening 20 pubs over the next five years in the region.
Caledonia is backing the existing management team, providing an additional £40m of funding for investment in its existing estate and acquisitions.
The existing executive management team remains with Liberation led by Crowther and Hearne. Richard Grainger has been appointed chairman of the group board with immediate effect, succeeding Graham Turner who has served as chairman since 2008.
Crowther said: “We are delighted to partner with Caledonia for the next phase of Liberation Group’s development. We have a strong growth agenda in train and Caledonia has committed significant capital funding to facilitate the Group’s continued expansion as we continue to invest in - and grow - our pub and brewing operations in our chosen geographies of The Channel Islands and UK mainland. We look forward to continuing to deliver further success for our new shareholders, employees and customers.”