• PizzaExpress

    Acquisition, turnaround and growth

    PizzaExpress was a franchise with no means of expansion. The franchisees were bought out, the group restructured and the number of restaurants grown to 367.

    The PizzaExpress club was created, increasing to over 500,000 members, and the chain's annual losses of £0.5 million were turned into a profit of £38 million, during which time the share price increased from 40p to over 800p.

  • Wellington Pub Co.

    Acquisition, management and growth

    In 1997, Sun Capital acquired a portfolio of over 800 pubs from Phoenix Inns Ltd.

    The freehold assets were refinanced by way of the first leased pub securitization in 1998. As members of the senior management team, we led a capital investment and acquisition programme to grow the underlying business.

    Wellington Pub Co. was acquired by the Reuben Brothers in 2004.

  • Punch Group

    Acquisition, turnaround and growth

    In 1997, high street branded pubs were attracting massive investment from the brewers which owned them, while unbranded community pubs attracted little investment and were 'unloved' by the brewers. Over 1,400 leased and community pubs were bought from Bass Lease Co. Ltd and the business was enlarged by the acquisition of Inn Business Group and Allied Domecq Retail estate. Refinanced by the first securitisations of both tenanted and managed pubs.

    As members of the senior management team, we drove operational improvements and an investment programme which delivered significant savings and substantial cash returns.

    Punch Group was floated in 2002 with an enterprise value of £3.5 billion.

  • CenterParcs

    Acquisition and
    management

    In 2002, Sun Capital bought the four UK CenterParcs for £465 million after a fire destroyed the main complex at the Elveden site. The Parcs were leased to the operator of CenterParcs with an innovative capex facility which enabled an investment programme for rebuilding the Elveden site and construction of new villas and facilities at all four of CenterParcs' sites.

    CenterParcs was acquired by Blackstone in 2006.

  • Integrated Dental Holdings

    Acquisition and management

    In 2004, Sun Capital acquired Integrated Dental Holdings and subsequently grew the business into one of the largest NHS dentistry providers in the UK with over 500 dentists.

    The business was sold in 2006.

  • Pearl Group

    Acquisition and management

    Sun Capital and TDR Capital purchased the closed life insurance businesses of HHG plc in 2005 for £1.1 billion. It was operated and managed by Sun Capital until 2009.

    In 2007, Resolution Plc was also acquired, and the integrated group floated in 2009.

    Pearl Group was renamed Phoenix Group, and is the UK's largest life insurance consolidator and 6th largest life insurance business in the UK with over 5 million policyholders and assets of £57 billion as at 30 June 2014

    The portfolio of 1,152 high quality freehold properties has the following characteristics:
    • Superior covenant strength – Santander SA
    • Very long leases – 42 year remaining term
    • Annual rental uplifts linked to inflation
    • Highly attractive lease terms: fully triple net
    • Concentrated in the most prosperous cities and regions