Liberum is acting as Sole Broker on a recommended cash acquisition for Ten Entertainment Group plc by Trive Capital Partners LP
We are pleased to announce that Liberum is acting as Sole Broker on a recommended cash acquisition for Ten Entertainment Group plc (“TEG”) by Neon Buyer Limited, a newly formed company indirectly owned by investment funds advised by Trive Capital Partners LP (“Trive”), a Texas based private equity firm, for £287m, which was announced on 6 December 2023 and is conditional on shareholder and other approvals.
TEG provides family entertainment facilities across 52 locations in the UK and its core bowling proposition is supplemented by a range of additional entertainment activities to appeal to a wide audience. In particular, TEG has developed a proposition that is family focused and offers a broad variety of games, food and drink to go alongside the bowling experience.
In its latest financial year to 1 January 2023, TEG reported audited total revenue of £126.7 million (2021: £67.5 million) and a profit after taxation of £26.6 million (2021: £4.0 million).
The acquisition values TEG’s entire issued, and to be issued, share capital at approximately £287 million on a fully diluted basis.
The acquisition is currently expected to complete during the first quarter of 2024.
Investment Banking – Andrew Godber, Ed Thomas, Satbir Kler
Sales – David Parsons