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GLP News and Transactions
December 4th, 2007
Global Leisure Partners LLP Receives Equity Investment
Global Leisure Partners LLP ("GLP"), the international leisure advisory, principal and co-investment business, today announces that it has sold a passive minority stake to an affiliate of Goldman Sachs International (" Goldman Sachs") and funds managed by Oaktree Capital Management, L.P. ("Oaktree) (collectively the "Investors"). This investment is in support of GLP's strategic plan to expand its sector and geographic coverage and accelerate the pace of its principal and co-investment activities. As well as strengthening the business, this investment will also give GLP access to additional equity capital to pursue private equity investment opportunities. The terms of the investment are not being disclosed.
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Transactions
January 31st, 2008
Lottomatica's GTECH Subsidiary Completes Acquisition of 50 Percent of Atronic from Gauselmann Group; GTECH to Acquire Remaining 50 Percent Interest in Atronic by December 31, 2008
ROME and PROVIDENCE, R.I., Jan. 31 /PRNewswire-FirstCall/ -- Lottomatica S.p.A.'s (Pink Sheets: LTTOY) wholly-owned subsidiary, GTECH Corporation, announced that all closing conditions to acquire a 50 percent controlling interest in the Atronic group of companies owned by privately-held Gauselmann Group have been met, and the Company has completed the acquisition of such interest for euro 20 million in cash.
Gauselmann Group was advised on the sale by Global Leisure Partners LLP.
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January 28th, 2008
Harrah's Entertainment, Inc. Announces Completion of Merger
LAS VEGAS, Jan. 28 /PRNewswire-FirstCall/ -- Harrah's Entertainment, Inc. (NYSE: HET) today announced the completion of its merger with Hamlet Merger Inc., a Delaware corporation. As a result of the merger, the issued and outstanding shares of non-voting stock of Harrah's are owned by entities affiliated with Apollo Management, L.P. and TPG Capital, L.P. (together with certain co-investors and members of management) and the voting stock of Harrah's is owned by Hamlet Holdings LLC, which is controlled by individuals affiliated with Apollo Management, L.P. and TPG Capital, L.P. The merger was completed pursuant to the Agreement and Plan of Merger dated as of December 19, 2006, among Hamlet Holdings LLC, Hamlet Merger Inc., and Harrah's Entertainment, Inc.Harrah's stockholders approved the merger and merger agreement at a special meeting held on April 5, 2007.
Global Leisure Partners LLC acted as financial adviser to Apollo. Global Leisure Capital Partners and affiliated investors also co-invested alongside Apollo and TPG in the transaction.
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December 12th, 2007
Crown Agrees to Acquire Cannery Casino Resorts
MELBOURNE: Crown Limited (ASX: CWN) announced today that it had signed an agreement to acquire 100% of the equity interests in Cannery Casino Resorts LLC (“CCR”) on a cash and debt free basis for US$1,752 million plus acquisition costs (estimated to be approximately US$49.6 million).
Macquarie Securities (USA) and Global Leisure Partners LLP acted as financial advisers and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal adviser to Crown in this transaction.
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October 11th, 2007
Galaxy Announces US$1 Billion Transaction; Permira Funds to Acquire a 20% Stake in Galaxy For HK$6.5 Billion (US$840 Million); Leading International Private Equity Firm's First Greater China Investment
Global Leisure Partners LLP originated the transaction and acted as financial adviser to Permira in its acquisition of a 20% stake in Galaxy for US $840 million as part of a US $1 Billion transaction.
Galaxy Entertainment Group Limited ("Galaxy" or "the Company") (stock code HKSE 0027), a leading operator of casinos, hotels and entertainment facilities in Macau, today announced that funds advised by Permira, one of the world's leading private equity firms, have entered into agreements to acquire an approximate 20% equity stake in Galaxy for a total consideration of HK$6.5 billion (US$840 million), representing HK$8.42 per Galaxy share, subject to certain shareholders' approvals. Galaxy will also raise an additional HK$1.3 billion (US$163 million) through an institutional placement of new shares.
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May 24th, 2007
Global Leisure Partners Advises Principal Hotels on its £358 Million Acquisition of Hayley Conference Centres
24th May 2007: Global Leisure Partners LLP acted as the exclusive financial adviser to Principal Hotels, a company owned by the Permira Funds, ("Permira"), who today announced the acquisition of Hayley Conference Centres ("Hayley") from its founding management team, which is led by Alan English and Norman Bellone, and 3i.
Global Leisure Partners LLP acted as exclusive financial adviser to Principal Hotels.
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December 19th, 2006
Harrah's Agrees to Be Acquired by Apollo and TPG - Global Leisure Partners LLC acts as adviser to Apollo
LAS VEGAS - (BUSINESS WIRE) - Harrah's Entertainment, Inc. (NYSE: HET) today announced it has entered into a definitive agreement for affiliates of Texas Pacific Group (TPG) and Apollo Management, L.P. to acquire Harrah's in an all-cash transaction valued at approximately $27.8 billion, including the assumption of approximately $10.7 billion of debt.
Global Leisure Partners LLC acted as financial adviser to Apollo.
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October 18th, 2006
Apax Partners and Permira announce completion of the acquisition of Sisal
Giochi Holding S.p.A., a company controlled by the private equity funds managed by Permira and Apax Partners today announced the successful completion of the acquisition of Area Giochi Holding S.p.A., a company that controls 97% of the share capital of Sisal S.p.A.. The transaction was valued at approximately 900 million Euros. Sisal is a private Italian company that has over fifty years of history in the service of the public and Italian State in the gaming, betting and lottery sectors.
Global Leisure Partners LLP acted as strategic adviser to Permira and Apax.
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August 25th, 2006
Rank sells historic casino to BIL International
Grosvenor Casinos Limited, a subsidiary of The Rank Group Plc ("Rank") has agreed
to sell the Clermont Club, its high-end London casino, to BIL Gaming Operations
UK Ltd, a wholly owned subsidiary of BIL International Ltd for an all cash consideration
of £31.0 million under an agreement signed between them on 24 August 2006.
Rank was advised on the sale by by Global Leisure Partners LLP.
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October 18th, 2005
HgCapital acquires Sporting Index
HgCapital, the European sector-focused private equity investor, today announced that it has agreed to acquire Sporting Index Group Limited from Duke Street Capital for a total cash consideration of £75.8 million. Management will continue to manage the business going forward and will retain a meaningful stake in the company.
HgCapital was advised by Global Leisure Partners LLP.
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October 7th, 2005
Gala and Coral Eurobet to form Europe’s largest integrated betting and gaming company
Gala, the gaming group, announces the acquisition of Coral Eurobet, the bookmaker and internet gaming operator, for a consideration of £2.18bn. The deal creates Europe’s pre-eminent integrated betting and gaming company with strong market positions in licensed betting offices, bingo and casinos, and a high quality multimedia offer.
The enlarged company has an enterprise value of more than £4bn. It trades from 1,450 outlets, employs a total workforce of 17,000 and has more than 2.2 million active customers.
The deal is backed by Candover, Cinven and Permira, which are the joint and equal private equity owners of Gala. Each is increasing its investment in the enlarged company by £275m to help finance the acquisition. Debt has been provided by Royal Bank of Scotland, Lehman Brothers and Intermediate Capital Group.
Gala was advised by Merrill Lynch and Global Leisure Partners LLP and Coral Eurobet by Lehman Brothers. Merrill Lynch and UBS advised Candover, Cinven and Permira.
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September 22nd, 2005
Global Leisure Partners LLP advises BC Partners in £835 million buyout of Fitness First
Global Leisure Partners LLP (“GLP”) acted as the exclusive financial adviser to BC Partners, who today announced that they have agreed to acquire Fitness First Holdings Ltd from its current private equity owners, Cinven, for an enterprise value of £835 million ($1.5 billion).
Fitness First is the largest fitness company in the world, by number of clubs, comprising 424 clubs and over 1.1 million members across 15 countries in Europe, Asia and Australia. Fitness First is the market leader in 10 of the 15 countries in which it operates.
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August 19th, 2005
Permira buys stake in Gala, valuing company at £1.89bn
Gala announces that funds advised by Permira, one of Europe’s leading private equity firms, are to buy an equity stake in the bingo and casino company in a deal which values the group at £1.89 billion. Under the terms of the transaction, funds advised by Permira will invest approximately £200 million to become a joint and equal investor in Gala alongside current owners Candover and Cinven.
Gala Group was advised by Close Brothers. Cinven and Candover were advised by Merrill Lynch, Deutsche Bank and UBS. Permira was advised by Lehmans and Global Leisure Partners LLP.
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Other GLP News
February, 2007
A Private Affair: The $17bn buyout of Harrah’s unleashes new
force in the casino industry investment - IGWB
The word from official and unofficial circles is the sale of Harrah's
Entertainment will not halt the casino giant's plans to invest upwards
of US$1.9 billion in expansion outside the United States.
"I think it's safe to say the company will continue to pursue
growth," said one source close to the $17 billion deal that
took Harrah's off the New York Stock Exchange in December and into
the hands of U.S.-based private-equity powerhouses Texas Pacific
Group and Apollo Management. "It's full speed ahead."
Press Article
A Private
Affair
IGWB – February, 2007
September, 2006
Harms Around the World – Leisure Report
Duncan Rowe talks to Mark Harms from Global Leisure Partners about
his thoughts on the state of the UK leisure sector, and what he sees
in its future.
Mark Harms, chief executive of Global Leisure Partners, is a man with his finger
on the pulse of the industry. I met with him in July, when he told me to be on
the lookout for increased activity in the health and fitness sector, which he
thought was “ripe for a second round of consolidation”, while the
BETonSPORTS furore was “likely, although not certain, to prove company specific.”
Four weeks later, his predictions have thus far proved uncannily accurate, with
news of an impending auction for Esporta and possibly Cannons, and no further
US legal action against online gaming operations to date.
Press Article
Harms Around the World
Leisure Report – September, 2006
January, 2006
Talking Points: In Harm’s Way - IGWB
Private Equity and Global Leisure Partners: Bankers to the industry
and a force for the future. James Rutherford talks to Mark Harms.
Press Article
Talking
Points: In Harm’s Way
IGWB – January, 2006
May 25th, 2005
Global Leisure Partners LLP Scales Up Services to the Global Leisure
Industry
Global Leisure Partners LLP (“GLP”), a London-based advisory and principal
investment business, has formed a unique Operating Investor Network comprising
25 of the most experienced individuals in the Gaming, Lodging and Leisure sectors.
This industry-specific network of advisers differentiates GLP from other boutique
merchant banks and positions it as one of the leading independent international
advisers in its field.
GLP identifies leading providers of leisure-related goods and services, and then
supplies them with differentiated capital and highest quality, unbiased strategic
advice. Its exclusive Operating Investor Network comprises former and current
CEOs and key business decision-makers across the global Gaming & Hospitality,
Health & Fitness, Travel Services, Consumer Products and Retail, and Real
Estate sectors.
Read the complete
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