Fortress Buys U.K.’s Punch Pubs Group From Patron Capital

Fortress Investment Group is acquiring Punch Pubs & Co., one of the U.K.’s largest pub companies with 1,300 venues, from Patron Capital as the industry consolidates to better weather the pandemic. Financial terms were not disclosed.

“The U.K. is an extremely attractive investment environment, and we will continue to explore other opportunities in this sector and across the U.K., Ireland and Europe,” Cyril Courbage, managing director at Fortress, said in a statement on Wednesday.

The purchase comes two months after Fortress lost out to rival private equity firm Clayton Dubilier & Rice LLC in a months-long takeover battle ...