Palatine scores 2.5x on Playnation sale
Palatine Private Equity has sold arcade games supplier Playnation to Novomatic Group, generating a 2.5x return.
Palatine created Playnation through the management buyout of Inspired Gaming's amusement and gaming division in February 2013. At the time of the deal the division employed 350 people.
In May 2014, Palatine supported Playnation's acquisition of Birmingham-based Funhouse Leisure.
Novomatic is affiliations in 50 countries and exports gaming equipment to more than 80 jurisdictions. The business operates 232,000 gaming machines across 1,500 group operations including casinos and betting shops. The company is headquartered in Austria with production facilities in Germany, Hungary, Poland, the Czech Republic and the UK.
Company
Based in Runcorn, Playnation owns and operates 20,000 amusement and entertainment machines across 1,700 sites in the UK. The company has partnerships with groups operating in the leisure sector including holiday parks, motorway services, bowling centres and airports. Clients include Bourne Leisure, Park Resorts, Parkdean, Moto, Welcome Break and Roadchef.
The company employs 700 staff.
People
Beth Houghton is an investment director at Palatine. Adam Hodges is CEO of Playnation.
Advisers
Vendor – Clearwater International, Phil Burns, Rob Burden (Corporate finance); Gateley (Legal).
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