Investee Company – Leisure Link Group (UK)
Investee Company Business Type – Operates as an electronic leisure machine management company
Type of Financing – Secondary buyout
Equity Providers – Henderson Private Capital
Equity Leader (Individual) – Toby Boyle
Debt Providers – NIB Capital Bank NV, Intermediate Capital Group plc
Debt Type – n/k
Debt Leader (Individual) – n/k
Equity Amount – n/k
Total Deal Value – £230 million
Other Advisors – n/a
Comments – Henderson European Private Equity is completing its second deal in as many weeks with the secondary buyout of Leisure Link Group from Duke Street Capital. Duke Street Capital retains a minority interest in Leisure Link and Peter Taylor continues to represent Duke Street Capital on the board of Leisure Link. Henderson has exchanged contracts to acquire a significant interest in the company with management investing alongside. The deal is said to be worth £230 million including finance for future capital investment.
Leisure Link Group was formed in 1998 through the acquisition of BLMS from Bass plc. This management buy-in was backed by Duke Street Capital, which is retaining an equity interest in the company, Caxton – Iseman Capital Inc, and the Royal Bank of Scotland. The company has steadily expanded since then with acquisitions in 1999 and 2000.
The company manages 90,000 pay to play machines in the UK’s leisure retail market. Leisure Link’s customers, range from pubs, clubs and licensed betting offices, to bingo, family entertainment centres and seaside arcades. The pay to play machines, including AWP, club and casino gaming machines, video and skill games, pool tables and juke boxes, and they form an essential revenue stream for all of Leisure Link’s customers.