Tameside-based Revolution Bars Group has agreed a deal with Stonegate Pub Company, which operates brands such as Slug & Lettuce.
Revolution Bars Group has announced that a recommended cash offer for the entire issued share capital of Revolution had been reached, valuing the company at £101.5m.
Revolution Bars Group, which is headquartered in Ashton-under-Lyne, has 54 Revolution vodka bars and 14 Revolución de Cuba rum bars throughout the country.
Keith Edelman, non-executive chairman of Revolution, said: "We believe that the offer from Stonegate represents an attractive and certain value in cash today for Revolution Shareholders, reflecting the high quality of the business, its people, market position and future prospects. The Stonegate proposal provides considerable opportunities for our people and for the business as a whole. Stonegate is an experienced operator in this sector that understands Revolution's ethos with its unique premium bar offering."
Ian Payne, Chairman of Stonegate, said: "We are delighted to announce this agreement with Revolution, which is a business we know well and whose leading position in the premium segment of the drinking out market is a highly complementary addition to our existing offering. Our strong reputation and position in the market firmly establishes Stonegate as the natural home for Revolution's brands, and will allow us to enhance further the breadth of offer and occasions we cater for.”
Nightclub operator Deltic Group has said the offer "significantly undervalues" Revolution Bars Group and that it is “also evaluating a possible cash offer.” This announcement follows Deltic’s proposal for an all-share merger with Revolution Bars Group earlier this month.
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