SandpiperCI, the company resulting from the £401mln takeover last year of CI Traders by Sandpiper, said on Monday that it has exchanged contracts with LGV Capital to sell its hospitality division for an undisclosed amount.
SandpiperCI, the company resulting from the £401mln takeover last year of CI Traders by Sandpiper, said on Monday that it has exchanged contracts with LGV Capital to sell its hospitality division for an undisclosed amount.
The company, which is owned by private equity firm Duke Street and fund manager Europa Capital, said the transaction follows a change of strategy within SandpiperCI aimed at refocusing its investment activities on the core retail business. The company's hospitality business consists of 65 pubs located in Jersey, Guernsey and Alderney, the Jersey Brewery site and two drinks distribution businesses, Victor Hugo (Jersey) and Bucktrout & Co (Guernsey).
Under LGV Capital, the hospitality unit will be led by Mark Crowther, the former chief executive of London Town. Current CI Hospitality head Ed Daubeney will join the board as a non-executive director. SandpiperCI was advised on the disposal by Delamere Consulting.
Duke Street is an independent private equity firm with offices in London and Paris. It was founded in 1988 and focuses on mid-market leveraged buy-outs, investing in established UK and French businesses with enterprise values of up to EUR 500mln.
Europa Capital is an independent real estate fund management group operating from offices across Europe. Since 1995, the company has raised six real estate funds and committed to over 60 transactions totalling EUR 5bn across 17 European countries.
