Amber Taverns acquired by Big Table Group backer Epiris: Amber Taverns, the community pub operator, has been acquired by Epiris, the private equity backer of Big Table Group, for an undisclosed sum. The acquisition has been made through Epiris Fund III – its fifth investment, following Delinian, LoneStar, Pure Cremation, Amber operates 178 freehold, wet-led pubs, predominantly in the north of England, the Midlands, Scotland, and Wales. Amber’s portfolio is uniquely focused on the hybrid “operator-managed” business model. The business was founded in 2005 by chief executive James Baer and said it has grown consistently by offering its customers “value for money across a broad range of leading drinks brands, served in the highest-quality environment”, with a focus on premium live sports coverage and other entertainment such as live music, karaoke, and sports such as interactive darts. Among the selling shareholders is Michael George of the mid-market private equity firm MxP, who is also a founding shareholder of Amber Taverns. Ian Wood, partner and head of the investment team at Epiris, said: “Amber has a firm and clear focus on value and service. This has enabled it to grow consistently, delivering industry-leading financial performance and taking share in the large and resilient pubs market.” Bill Priestley, managing partner at Epiris, added: “We are delighted to have the opportunity to work with James and his team to execute a strategy of investment and growth that will build on the fantastic platform they have created.” Baer said: “We are excited to enter the next growth phase in partnership with Epiris, which invested the time and effort to understand our business and what makes an Amber pub. We are confident that it can support us in our ambitious expansion plans. Epiris’ investment further demonstrates that a well-invested pub focused on serving its local community is a resilient and relevant business model, and it is a vote of confidence not just in Amber but in the sector as a whole.” In August, it was reported Epiris had moved ahead of two rivals in the race to acquire Amber. Propel revealed in July that Terra Firma Capital Partners, the private equity firm founded by Guy Hands, was among the bidders for Amber, which last year hired investment bank Rothschild & Co to explore its strategic options, with the business believed to be valued at circa £240m. Propel reported that three private equity houses had been in the running for Amber, with the other understood to be Duke Street Capital, the former backer of Gala Bingo and Wagamama. Epiris’ acquisition of Amber is separate from its backing of Big Table Group, the Bella Italia and Banana Tree operator. Epiris formerly backed TGI Fridays UK, Hollywood Bowl and Parkdean Resorts. In April, Amber reported turnover increased 15% to £110.4m in the year to 4 February 2024, with underlying earnings rising from £22.4m to more than £25m. Like-for-like sales increased by 11.3% for the year. It said it had an “encouraging pipeline with a variety of good new site opportunities” and was looking to add another 15 new pubs to its growing portfolio each year. The Epiris team on the Amber investment is Wood, Aaron Atwal and Scott Forbes. Epiris was advised by Sapient Corporate Finance, Macfarlanes, CBRE and PwC. Financing is being provided by Alpha Real and Ares Management Funds. Amber Taverns was advised by Rothschild & Co, DLA Piper, Savills and Alvarez & Marsal.