M&A Leisure deal flow bulletin - September edition
29 September 2017
Now that the nights are drawing in and the wind has begun to howl we feel it's time for a summer retrospective. Welcome to the latest edition of our 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
- Cruise.co, backed by Bridgepoint and advised by BDO, has acquired German company Kreuzfahrtberater in a €25m deal.
- Thomas Cook has joined forces with Expedia to broaden its hotel offering and simplify its own processes and systems.
- Fosun has raised its stake in the Thomas Cook Group to 11% after taking a 5% stake in the company in 2015.
- Inflexion has completed the MBO of curated experiences specialist Virgin Experience Days.
- TUI has completed the sale of Travelopia and its extensive portfolio of specialist travel brands to KKR for €369m.
- RCI, a division of Wyndham Worldwide, has bought home swapping platform LoveHomeSwap for a reported £40m.
- Webjet had acquired the hotel accommodation wholesaler and tailored tour operator JacTravel from Vitruvian Partners for £200m.
- Kayak has added Mundi to its growing portfolio of metasearch companies that already includes Momondo and Cheapflights.
- Bridge Leisure, backed by Phoenix, has acquired a package of holiday parks for £11m: Ashbourne Heights in Derbyshire, Hedley Wood on the Devon and Cornwall border and Hengar Manor on the North Cornwall coast.
Restaurants and Bars deal flow
- HOP, the Vietnamese grab and go chain has raised £750,000 in a round of private fundraising to aid further expansion in London.
- The UK's largest KFC franchise, The Herbert Group, has undergone a refinancing in order to pursue its merger and acquisition strategy.
- Vita Mojo has raised over £3m across more than 1,000 investors via its crowdfunding campaign. The original target was £1.5m.
- Raymond Blanc's Brasserie Bar Co has raised £20m in new funding from OakNorth to facilitate an ambitious 5 year roll out plan that will see the brand grow from 35 to 59 sites.
- Mowgli, the Indian street food concept, has secured £3.45m of new funding from Foresight to roll out further restaurants across the UK.
- YFM Equity has invested £3m in healthy eating food to go concept Friska to support its expansion plans.
- BGF invested £3.5m in Filmore & Union and £2m in Northern Irish coffee chain Bob & Bert's Coffee House.
- As Richard Caring's Ivy Collection continues to grow, the building that was the home of the original Ivy Restaurant has been acquired by Standard Life for £40m.
- The Draft House has acquired six Grand Union Group bars across London, increasing the Draft House portfolio to 16.
- The 20 strong, Handmade Burger Co, has been acquired out of administration for £1.45m by an undisclosed buyer.
Pubs and Brewers deal flow
- Brewer and pub operator Marston's has acquired Charles Wells' Brewing and Beer Business for £55 million.
- The Japanese brewer, Asahi, has sold its remaining 20.4% stake in Tingyi-Asahi for $612m to local partner Tingyi.
- Meanwhile Sapporo, another Japanese brewer heavyweight, has confirmed that it has bought Californian craft brewers, the Anchor Brewing Company, for $85m.
- BrewDog raised $7m of a $50m target in a funding round in the US, via crowdfunding platform Bankroll.
- Heineken has acquired 1,900 pubs from Punch while Patron Capital acquired the rest of the business at an implied total enterprise value of c£1.8bn.
- Proprium Capital and C&C Group plc have acquired pubco Admiral Taverns. The group, that includes 845 pubs, has an estimated value of £220m.
- Managed pub company Stonegate has acquired Revolution Bars in a deal which values the Bar group at c£100m.
- In a bid to rebalance its estate, Mitchells and Butlers has sold 73 pubs to real estate investment company Aprirose and 13 freehold pubs to BlackRock.
- UK REIT NewRiver has successfully secured a £430m unsecured debt facility with Barclays, HSBC, RBS and Santander. NewRiver owns a portfolio of UK retail properties that includes 344 pubs.
- Camerons Brewery has secured another £10m of debt financing from HSBC after raising £30m in 2016 to fund expansion plans.
Other leisure deal flow
- British virtual simulation platform Improbable has received a $500m investment from SoftBank. It is among the largest investments ever made in a European tech startup.
- David Lloyd Leisure, backed by TDR Capital, has purchased another 14 Virgin Active clubs taking the total club count to c110 as it competes to become the dominant health and fitness brand in Europe.
- The Gym Group has acquired 18 gyms from its low cost gym rival Lifestyle Fitness for £20.5m.
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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