Palatine's Playnation acquires Funhouse Leisure

The bolt-on, which will see Funhouse continue to operate independently, is intended to strengthen Playnation's market reach in the family hospitality and leisure sector.

The buyout is Playnation's first since Palatine acquired the company in February last year. Capital for the deal was drawn from the company's existing balance sheet.

In March, another Palatine-backed company, private medical assurance broker Chase Templeton, completed its 13th bolt-on in as many months with the acquisition of Health Assist.

Previous funding
Lloyds Bank provided financing including senior debt, capex and revolving credit facilities for Palatine's acquisition of Playnation. Equity for the original deal was sourced from Palatine Fund II.

Company
Founded in 1996, Birmingham-based Funhouse is a provider of prize and vending machines to the hospitality sector. It currently operates 1,600 machines.

Funhouse's current clientbase includes Whitbread, Spirit Pub Company, Greene King and Odeon.

People
Adam Hodges is CEO at Playnation. Beth Houghton is an investment director at Palatine and has a seat on the board at Playnation. Nasser Ghanchi is CEO at Funhouse.

Advisers
Equity – Gateley, Rebecca Grisewood (Legal); Dow Schofield Watts (Financial due diligence); Berkeley Partnership (Operational due diligence).

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