• M&A Leisure deal flow bulletin

    April edition


M&A Leisure deal flow bulletin - April edition

20 June 2017

Welcome to the April edition of our bulletin.

Travel deal flow

• UK OTA On the Beach has agreed to purchase rival; Sunshine.co.uk for a reported £12m. CEO Simon Cooper said: "We are delighted to have acquired a brand as well-established with beach holidaymakers as sunshine.co.uk".

• After it was purchased from TUI Group for £1.3bn, new owners of Hotelbeds, Cinven Capital and Canada Pension Plan Investment Board, have acquired rival wholesaler GTA from Kuoni Group.

• London's City Cruises has acquired York River Boat Cruises in a deal worth £2.5m. The company currently carries about 100,000 passengers a year and will be renamed City Cruises York.

• In a bid to expand its portfolio of travel offerings and its reach within the travel business, National Geographic Expeditions has purchased full service tour operator Global Adrenaline.

• Travel Agency Group Flight Centre has acquired a 24% stake in South American travel tech company Bibam for $7m in a bid to enhance its corporate travel and technology offerings.

Restaurants and Bars deal flow

• Japanese restaurant group Feng Sushi has been acquired by The Genuine Dining Co. for an undisclosed sum. Chris Mitchell, CEO of Group Genuine, commented: "This is a massively exciting development for us. I am looking forward to developing and expanding the [Feng Sushi] brand".

• Pubs and Bars group Barworks; conceived by the founders of Camden Town Brewery, has invested in Indian street food concept Rola Wala. Directors Mark Wright and Mark Christophers plan to open three sites this year.

• Soho House has secured a £275m debt refinancing deal with Permira Debt Managers to alleviate the strain of rapid expansion. The 18 strong group plans to open three to four new venues per year at sites in high profile cities around the world. The deal includes the option of an additional £100m to help fund the continued roll-out.

• London-based cocktail bar chain Adventure Bar has secured a £500K loan from OakNorth to support the development of the business.

• Coffee remains a very dynamic space as Canadian coffee chain Tim Horton confirms its UK launch will be in Glasgow ahead of extensive roll-out plans.

• EAT has confirmed that, following a challenging year in 2016, it restructured its balance sheet at the start of 2017, increasing equity by £94.5m and reducing debt.

Other leisure deal flow

• Interactive games provider Escape Hunt has become the first company of its kind to list on the London Stock Exchange. The company has floated on AIM through a reverse takeover by Investment Company Dorcaster PLC, in a £14m placing.

• Tenpin, the UK's second-largest bowling group, formerly known as Essenden, has announced the successful pricing of its IPO, giving it a market cap of £107m.

• Electra Partners has announced the sale of all of its ordinary shares, in the Hollywood Bowl Group, for £40.7m.