Stonegate agreed funding for its proposed takeover of Revolution Bars Group earlier this summer through Barclays, MCA understands.
The group secured a bridge facility agreement relating to a £110m term facility at the end of August.
The board of Revolution have recommended Stonegate’s 203p-a-share cash offer with shareholders set to vote on 17 October. A rival bid by Deltic Group was dismissed by Revolution’s board but Deltic has until 10 October to make a firm bid.
Stonegate completed a £595m refinancing earlier this year, and has since acquired Sports Bar & Grill as well as a series of individual acquisitions. The group was also in the running to acquire Be At One, however the latter ended its sale process this week after securing its own £20m refinancing.
Speaking after the boards of Stonegate and Revolution reached agreement on a takeover, the former’s chairman, Ian Payne, said: “Our strong reputation and position in the market firmly establishes Stonegate as the natural home for Revolution’s brands, and will allow us to enhance further the breadth of offer and occasions we cater for.
“This acquisition is entirely consistent with our stated strategy to capitalise on the town and city centre drink-led opportunity. Stonegate has a successful track record of investing in and growing the businesses which it has acquired. Revolution is a high-quality business with good people and an attractive consumer proposition. We look forward to working together with our new colleagues joining the enlarged Stonegate group to continue to provide a great experience for customers.”
