Broadstone BSN.U = 1 C + 1/3W
1 Warrant + $11.50. Call 18. And > $10 by fmv. Pipe protect $9.20
UK and Europe
Trust $10.00 ~ $305mm.
Closed Sept 15, 2020
Including the sale of the Over-Allotment Units, there were an aggregate of 30,530,301 Units sold in the IPO.
Mr. Osmond co-led the acquisition of Pizza Express in 1993 and took a lead role in restructuring the company and driving the subsequent major expansion of the chain. Pizza Express grew from 68 restaurants in 1993, the majority of which were franchises, to 367 restaurants in 2001 when Mr. Osmond left the company’s Executive Board. Mr Osmond led Pizza Express through its transformation into the UK’s largest quoted restaurant group, including by standardizing operating procedures to enhance the customer experience and engaging in a complex repurchase of its franchises. During the period Mr. Osmond was on the Board, Pizza Express’s net annual income increased from a net loss of £0.5 million for the financial year ended June 28, 1992 (prior to acquisition) to net profit of £38 million for the financial year ended June 30, 2002, and it became the UK’s largest quoted restaurant group. The share price of Pizza Express’s ordinary shares on the London Stock Exchange increased from £0.40 per share at the time of the acquisition in 1993 to more than £8.00 per share when Mr. Osmond left the Board in 2001, delivering a multiple on equity investment of over 10x from February 1993 to June 2003 and an internal rate of return of approximately 35% over the same period.
The UK pub industry was undergoing structural change in the 1990s following an investigation by the UK Monopolies and Mergers Commission and resulting legislation that limited the number of pubs that the UK’s major brewers were permitted to own. In 1997, our management team began to consolidate the ownership of the UK’s pub sector through its controlling interest in Punch Group.
Our management team led more than £3.5 billion of acquisitions for Punch Group, creating the largest tenanted pub company in the UK. These acquisitions included: Punch Group’s initial acquisition of more than 1,400 leased pubs from Bass Lease Company Limited for an aggregate purchase price of £564 million in 1997; the purchase of Inn Business Plc for £145 million in 1999; and the £2.7 billion acquisition of all of the UK retailing interests of Allied Domecq Plc in 1999. The team employed innovative financing structures, executing the first securitizations of both tenanted and managed pubs in the UK.
Our management team’s hands-on operational approach included managing the real estate portfolio to enhance value; effective cost control; an extensive investment program in previously underinvested pubs; leveraging Punch Group’s buying power to make the supply chain more efficient; broadening product offerings (including food at most locations); and reworking the pricing strategy across the entire group.
In 2002, our management team led the initial public offering of Punch Taverns, which delivered a multiple on equity investment of 3.2x from December 1997 to January 2006 and an internal rate of return of approximately 64% over the same period.
In 2005, our management team founded Pearl Group (now Phoenix Group) to invest in the life insurance sector, which our team believed to represent a significant opportunity despite recent regulatory scandals that had depressed the value of companies in the sector. Our team led the acquisition of HHG Group’s closed life insurance businesses for £1.1 billion in 2005 and the takeover of Resolution Plc, a company