UK - Hermes Private Equity (HPE) has acquired Thomas Estates - owner of three large bingo clubs and 24 adult gaming centres for an undisclosed amount.
The move saw HPE, the private equity arm of Hermes Pensions Management, expanding its planned niche-roll out.
Back in April, HPE acquired bingo operator Mayfair Gaming from Risk Capital Partners for a sum believed to be between £26m and £28m.
Mayfair Gaming owned eight bingo clubs and the combined group will be the leading club operator in the UK.
Simon Hannah, CEO of Riva Gaming, said: “Going forward the enlarged group should provide a
strong platform for continued growth both organically and by acquisition.”
Justin Ward, a director of HPE, said the acquisition created a range of growth drivers and should open up interesting opportunities in the gaming sector as it deregulates.
He commented: “This combination of the two businesses will provide critical mass and the group will benefit significantly from this increased scale. Good progress has been made by Mayfair Gaming under Simon Hannah since we acquired the business in April."
Risk Capital Partners had acquired Mayfair Gaming in 2004. The bingo operator had a 2005 turnover of £12m.
HPE has about £1bn committed to private equity, both as an active investor in external private equity partnerships, and through its own direct investment activity.
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