Fortress Investment Group is expanding its presence in the U.K.'s hospitality sector with the acquisition of pub and restaurant chain Loungers for £351 million ($428 million).
Fortress acquires UK pub chain Loungers for $428M
In a filing on Thursday, Fortress announced it would offer 310 pence per share for Loungers, representing a 30% premium over the company’s closing price on Wednesday.
The New York-based investment firm stated that Loungers' market value does not fully reflect the chain’s strong business performance.
Loungers growth
Founded in 2002, Loungers has grown to operate 280 locations across England and Wales under its Lounge, Cosy Club, and Brightside brands. It went public on London’s Alternative Investment Market (AIM) in April 2019.
