Drinks group C&C has acquired a stake in UK pub operator Admiral in partnership with investment firm Proprium Partners.
Under the terms of the deal, C&C is paying £37m for 47% of Admiral's issued capital.
It said the minority stake in Admiral, which owns 845 pubs in the UK, will give it a direct route to market for its products.
Admiral's pubs are 95% freehold or long leasehold and are mainly in suburban or city locations and are operated as a tenanted estate.
C&C said the deal will be funded from its existing facilities. It is expected to be completed by the end of November subject to approval from the FCA.
C&C's chief executive Stephen Glancey said the deal is an attractive opportunity to create a new long term investment in the important on-trade channel, without taking significant financial and operational risk.
"The investment will provide our brands with improved distribution in some of the best community pubs across the UK, with an opportunity to enhance on-trade penetration further over time," the CEO added.
