Press Up Seeks To Raise €45-50m Via Sale Of 45% Stake
Pub and restaurant group Press Up Entertainment is seeking to raise as much as €50 million via the sale of a 45% stake in its business.
According to The Irish Times, it is thought that stockbroker Goodbody, which is advising Press Up on the process, has received first-round bids from several international parties.
The group's owners are hoping to get between €45 million and €50 million for the 45% stake. The price is based on Press Up's enterprise value, which is over €100 million.
The sale of the stake is exclusively related to the group's trading operations and does not involve any of the properties that it operates.
Current Stake Owners
At present, Paddy McKillen jnr owns a 50% stake in the group while his father owns a 25% stake and the remaining 25% stake is split evenly between Matt Ryan and Liam Cunningham. The sale of the 45% stake will result in each of their stakes being reduced on a pro-rata basis, with McKillen jnr's stake being reduced to 27.5%, McKillen snr's stake being reduced to 13.75%, and Ryan and Cunningham sharing the remaining 13.75% stake.
Portfolio And Revenues
Press Up's portfolio currently consists of 46 hospitality venues in Ireland and the group employs approximately 1,600 people. Its revenues are expected to amount to €80 million in 2019 and to increase to more than €100 million by the time 2021 ends. The group's most recent accounts indicated that its revenues came to almost €58 million in 2017.
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