• M&A Leisure deal flow bulletin

    February edition

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M&A Leisure deal flow bulletin - February edition

28 February 2017

Welcome to the February edition of M&A Leisure deal flow bulletin – the BDO M&A Leisure team's monthly overview of the latest M&A activity we've seen in the leisure space.

Travel deal flow

  • Tour operator TUI announced the sale of Travelopia to private equity firm KKR for £325m. The luxury and adventure holidays specialist has been sold as part of TUI's wider strategy to narrow its focus on its mainstream brand. 
  • Long haul holidays OTA Blue Bay Travel has received a £6.5m investment from private equity firm LDC in return for a substantial minority shareholding. The funds will facilitate the launch of new products and the development of Blue Bay's online platforms.
  • Priceline acquired meta search site Momondo Group for $550m. Momondo will join forces with Kayak to expand the group's reach across Europe.
  • Airbnb acquired premium holiday rentals manager Luxury Retreats for an undisclosed amount. This is the first in a series of deals expected from Airbnb this year as it expands its reach and breadth of travel services. 
  • AIG has sold ski operations at Vermont's Stowe Mountain to Vail Resorts for $50 Million. This is the latest in a string of deals that have facilitated Vail's expansion across the US.
  • Dreamlines has raised a further €18m via a pool of venture capitalist investors. The Germany based online cruise portal has raised close to €68m to date from Dimaventures, Hasso Plattner Ventures Management, HV Holtzbrinck Ventures, Global Founders Capital, Altpoint Capital Partners, and Target Global.

Restaurants and Bars deal flow

  • Gusto, the fast growing restaurant brand, has secured £9m of funding from Santander. The Palatine backed restaurant chain currently has 16 sites. The new funds will facilitate further expansion throughout the UK.
  • Mealpal has raised $15m in venture capital funding. The US based company has launched in London offering discounted lunch subscriptions to customers of more than 150 restaurants including Chilango, Pure and Chop'd.
  • Bridgepoint backed Azzurri Group, the operator of ASK Italian and Zizzi has completed a refinancing and successfully raised £185.25m of bank debt. The funds will be used to refinance existing debt and for the continued expansion of the group's brands. 
  • Toridoll Holdings, a Japanese Restaurant Group heavyweight, has acquired a £7m, 40% stake in Shoryu Ramen which currently operates eight sites across the UK. Toridoll will accelerate the expansion of Shoryu Ramen and plans to grow the business to 100 sites by 2023.
  • Welcome Break has secured a £350m refinancing package. The deal comprises £221m of senior debt shared by eight lenders as well as £130m of mezzanine debt. The company's 29 sites, primarily located at motorway service stations, will be at the centre of plans to develop its retail and casual dining offering.

Other leisure deal flow

  • Virgin active has sold 16 tennis focused, leasehold sites to David Lloyd for an undisclosed sum. The sale is part of an on-going strategy that will allow Virgin Active to focus on developing its business in cities and commuter hubs. 

Please contact one of the M&A Leisure team if you would like to discuss any of the topics raised in more detail.

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