Palatine acquires Inspired Gaming unit

The division will trade under the name Playnation following the transaction.

The deal was initiated by Clearwater Corporate Finance. Lloyds Bank provided financing including senior debt, capex and revolving credit facilities. Equity for the deal was sourced from Palatine Fund II.

Vitruvian Partners acquired the selling company, Inspired Gaming, for £133.8m in May 2010, delisting it from the London Stock Exchange AIM.

Company
Playnation is the amusement and gaming division of British server-based gaming machines provider Inspired Gaming.

Based in Burton-upon-Trent, the company also has operations in London and Warrington. It supplies gaming machines to holiday parks, bowling centres and airports, and employs 350 people. The company is expected to reach a £31m turnover in 2013.

People
CEO Adam Hodges led the investment for Palatine. He was supported by managing partner Gary Tipper, investment director Beth Houghton and investment executive James Winterbottom. Tipper and Houghton will join Playnation's board as non-executive directors.

Advisers
Equity – Clearwater Corporate Finance, Mike Reeves, Phil Burns, Sebastian Saywood (Corporate finance); Deloitte, Jodi Birkett (Financial due diligence, tax); Gateley, Rebecca Grisewood (Legal).

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• Topics
• UK / Ireland
• Consumer
• Buyouts
• Exits
• Palatine Private Equity
• United Kingdom
• Partial sale