Patron Capital, the backer of Punch, has completed the acquisition of Laine Pub Company, the 54-strong Gavin George-led group.

In an announcement this morning Vine Acquisitions, backed by Patron Capital and May Capital, said it had acquired Laine in partnership with the its management team, which will continue to oversee the business.

Vine is understood to have beaten off competition from LDC and Wagamama backer Duke Street Capital, to acquire Laine, which is believed to be valued at c£45m.

MCA revealed in October that Laine had appointed BDO to assess its future funding options.

George led a management buyout of Laine backed by Graphite Enterprise Trust (now ICG Enterprise Trust) and Risk Capital Partners in 2014, and this transaction sees both these investors exit completely.

Laine pub estate has grown to comprise 54 managed, independent pubs, in London (21) and Brighton (33). In addition, Laine operates four further pubs through its Mash Inns joint venture with Ei Group.

Vine Acquisitions acquired Punch last August and currently owns c.1,300 pubs across the UK. Punch and Laine will work closely together to explore opportunities for both businesses.

George said: “We are delighted to be partnering with Vine Acquisitions Limited, Patron Capital and May Capital on the next stage of Laine’s journey. With their support, we will be continuing to invest in our pubs and our management partners, and we have exciting plans to take our fantastic portfolio of beers to the next level.”

Stephen Green, senior partner of Patron Capital and Director of Vine Acquisitions Limited, said: “Laine’s portfolio of pubs in London and Brighton is totally unique. The energy and passion of the Laine team, and all of the management partners, are at the heart of their success, and we look forward to helping support the future growth of this fantastic business. We also believe Laine’s craft beers have tremendous potential.”