OpCapita acquires GAME Iberia

The turnaround investor bought GAME Iberia through the newco Cherrilux Investments.

The deal follows Opcapita's recent acquisition of GAME UK through the newco Baker Acquisitions for a nominal £1. GAME had been under the ownership of administrator PricewaterhouseCoopers since March, following its failure to service its £85m debt burden.

GAME Iberia will continue to run while OpCapita investigates a possible sale of the company, focussing instead on the turnaround of the UK assets.

Company
Headquartered in Madrid, GAME Iberia operates 290 stores in Iberia, the vast majority of which are in Spain. The profitable firm employs around 1,000 members of staff and has an annual turnover of roughly €300m.

GAME Group went into administration last month, resulting in the immediate closure of 277 UK stores and more than 2,000 staff being made redundant. On 1 April, OpCapita acquired the group's UK business for a nominal £1 and paid a reported £50m for its £85m debt.

People
CEO Henry Jackson led the deal for OpCapita alongside operating partner David Hamid, principal Josh Spoerri and investment director Chris McDermott.

Advisers
Equity - Macfarlanes (Legal); Deloitte (Financial due diligence).

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• Topics
• Southern Europe
• Consumer
• Buyouts
• Spain
• Portugal