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UK - Apax, Cinven, CVC and Permira circle M&B

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Pub operator Mitchells & Butlers (M&B) is being circled by large private equity players following the group's announcement of a strategic review earlier this week. Apax, Cinven, CVC, Permira and Texas Pacific Group have all been named as potential suitors for the operator of the All Bar One and Harvester chains of pubs. Robert Tchenguiz owns a 23% stake in London listed M&B. It is believed he will raise his stake to 29% to prompt a takeover deal and will favour working with a private equity investor.

Tchenguiz has co-invested with private equity firms on a number of occasions. He currently co-owns 900-strong grocery store chain Somerfield with Apax. TPG and CVC used to own pub company Spirit Group until it was bought by Punch Taverns in 2006.

A strategic review of M&B was announced after the company revealed it had lost £391m on an aborted property venture.

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