M&A Deal Summary

Apollo Global Management and Cerberus Capital Management Acquire Gala Coral Group

On June 20, 2010, asset managers Apollo Global Management and Cerberus Capital Management acquired gaming company Gala Coral Group from Cinven, Candover Investments, HarbourVest Partners, ATP Private Equity Partners and Permira

Acquisition Highlights
  • This is Apollo Global Management’s 2nd and Cerberus Capital Management’s 1st transaction in the Gaming sector.
  • This is Apollo Global Management’s 3rd and Cerberus Capital Management’s 4th transaction in the United Kingdom.
Investment Fate
  • Gala Coral Group merged with another company in 2016.

M&A Deal Summary

Date 2010-06-20
Target Gala Coral Group
Sector Gaming
Buyer(s) Apollo Global Management
Cerberus Capital Management
Sellers(s) Cinven
Candover Investments
HarbourVest Partners
ATP Private Equity Partners
Permira
Deal Type Secondary Buyout

Target

Gala Coral Group

Essex, United Kingdom
Gala Coral Group Ltd. is a fast growing UK retail gaming company, Gala operates successfully in the UK bingo casino, licensed betting offices and multimedia gaming markets. It is by some margin the largest bingo operator in the UK.

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Buyer(S) 2

Buyer

Apollo Global Management

New York, New York, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1990
PE ASSETS 45.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apollo Global Management is a global alternative investment firm. The Firm segments its activity between private equity, capital markets, real estate, and publicly traded investment funds. Within private equity, Apollo targets traditional buyouts, distressed situations, as well as minority investments to help companies make acquisitions or fund other needs. Sectors of interest include chemicals, commodities, consumer/retail, distribution, transportation, financial services, business services, manufacturing, industrial, media/cable/leisure, packaging, and satellite/wireless. Apollo's geographic coverage spans Europe, North America, and Asia. Apollo manages publicly traded Apollo Investment Corporation, which provides equity and junior capital to middle-market companies, as well as Apollo Commercial Real Estate Finance, Inc. Apollo Global Management was formed in 1990 and is based in New York City.


DEAL STATS #
Overall 25 of 138
Sector (Gaming) 2 of 5
Type (Secondary Buyout) 5 of 29
Country (United Kingdom) 3 of 10
Year (2010) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-04-30 LyondellBasell

Houston, Texas, United States

LyondellBasell is a large plastics, chemicals and refining companies in the world. Driven by its 13,000 employees around the globe, LyondellBasell produces materials and products that are key to advancing solutions to modern challenges like enhancing food safety through lightweight and flexible packaging, protecting the purity of water supplies through stronger and more versatile pipes, and improving the safety, comfort and fuel efficiency of many of the cars and trucks on the road. LyondellBasell sells products into approximately 100 countries and is the world's largest licensor of polyolefin technologies. LyondellBasell Industries was founded in 1955 and is based in Houston, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-08-19 Neff Rental

Miami, Florida, United States

Neff Rental is a regional equipment rental company in the United States, focused on the fast-growing Sunbelt States. Neff Rental offers a broad array of equipment rental solutions for its more than 15,000 customers, focusing on key end-user markets including infrastructure, non-residential construction, energy, and municipal and residential construction.

Buy -
Buyer

Cerberus Capital Management

New York, New York, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1992
PE ASSETS 55.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Cerberus Capital Management is a private investment firm that targets a wide range of global investments. Cerberus primarily looks for undervalued or distressed situations. Industry sectors of interest include aerospace and defense, apparel, automotive and industrial, building products, commercial services, consumer and retail, financial services, healthcare, manufacturing and distribution, paper, packaging, and printing, real estate, technology, telecommunications, transportation, and travel. In addition to private equity investing, Cerberus also provides corporate credit and acquires real estate. Cerberus was formed in 1992 by Steve Feinberg and is based in New York City.


DEAL STATS #
Overall 32 of 87
Sector (Gaming) 1 of 1
Type (Secondary Buyout) 4 of 14
Country (United Kingdom) 4 of 6
Year (2010) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-04-12 DynCorp International

McLean, Virginia, United States

DynCorp International is a global government services provider in support of U.S. national security and foreign policy objectives, delivering support solutions for defense, diplomacy, and international development. DynCorp International operates major programs in logistics, platform support, contingency operations, and training and mentoring to reinforce security, community stability, and the rule of law. DynCorp International was formed in 1951 and is headquartered in McLean, Virginia.

Buy $1.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-10-15 Tower International

Livonia, Michigan, United States

Tower International, Inc. is an independent supplier of automotive metal structural components and assemblies. Tower serves virtually every major automotive vehicle manufacturer, providing a broad range of metal structures from stampings to complex body and frame assemblies. Tower International, Inc. was founded in 1993 and is based in Livonia, Michigan.

Sell -

Seller(S) 5

SELLER

Cinven

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1977
PE ASSETS 39.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Cinven is a private equity firm focused on buyout investments in growing, profitable businesses located throughout Europe and North America. Sectors of interest include business and financial services, healthcare, industrial, retail, leisure, consumer, technology, media, and telecommunications. Cinven looks to invest a minimum of €200 million in companies with minimum enterprise values of €400 million. Cinven does not invest in start-ups or development phase companies. Cinven was established in 1977 and is headquartered in London.


DEAL STATS #
Overall 84 of 126
Sector (Gaming) 3 of 3
Type (Secondary Buyout) 18 of 30
Country (United Kingdom) 60 of 72
Year (2010) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-06-01 The Gala Group

Nottingham, United Kingdom

The Gala Group is a provider of bingo and casino operations in the UK.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-07-01 Truvo

Berchem, Belgium

Truvo (formerly World Directories) publishes directories in Belgium, Holland, Ireland and Portugal.

Sell -
SELLER

Candover Investments

London, United Kingdom

Category Private Equity Firm
Founded 1980
PE ASSETS 8.7B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Candover Investments is a private equity firm that targets investments in European and Asian companies operating in broad range of industries. Candover's primary focus is on businesses located in Western Europe; including the UK, France, Germany, Italy, Scandinavia, and Spain. However, the Firm also considers opportunities in Asia and Eastern Europe. The Firm's target investment size is €150 to €500 million in businesses valued between €500 million and €5 billion. Sectors of interest include media, financial services, support services, leisure, healthcare, technology, and industrial. Candover Investments was formed in 1980 and is based in London.


DEAL STATS #
Overall 16 of 26
Sector (Gaming) 1 of 1
Type (Secondary Buyout) 9 of 12
Country (United Kingdom) 7 of 9
Year (2010) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-06-01 The Gala Group

Nottingham, United Kingdom

The Gala Group is a provider of bingo and casino operations in the UK.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-09-13 Equity Trust Holding sarl

New York, New York, United States

Equity Trust Holding sarl is a global provider of non-advisory trust and fiduciary services to multinational corporate clients, financial institutions, high net worth individuals and intermediaries.

Sell €350M
SELLER

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1978
PE ASSETS 86.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.


DEAL STATS #
Overall 17 of 130
Sector (Gaming) 1 of 2
Type (Secondary Buyout) 6 of 34
Country (United Kingdom) 3 of 10
Year (2010) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-05-28 Hillman Solutions

Forest Park, Ohio, United States

Hillman Solutions is a distributor of fasteners, key blanks, signage and other small hardware components and a leading manufacturer of key making equipment. The company operates in multiple channels of the retail marketplace including national and regional home centers, hardware stores and mass merchants. Hillman Solutions is based in Forest Park, Ohio.

Buy $815M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-07-28 Mercury Healthcare

Denver, Colorado, United States

Mercury Healthcare is a technology and data analytics company that empowers healthcare organizations to engage consumers and optimize provider relationships to accelerate growth. Mercury Healthcare was founded in 1998 and is based in Denver, Colorado.

Buy $294M
SELLER

ATP Private Equity Partners


Category Private Equity Firm
Founded 2001
PE ASSETS 10.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

ATP Private Equity Partners is a Danish institutional investment firm focused on investing in private equity funds across Europe, North America, and select emerging markets. The Firm is supported by ATP, Denmark's largest pension fund. In addition to investing in private equity funds, ATP also looks to for co-investment situations. ATP Private Equity Partners was formed in 2001 and is headquartered in Copenhagen, Denmark.


DEAL STATS #
Overall 2 of 31
Sector (Gaming) 1 of 1
Type (Secondary Buyout) 1 of 11
Country (United Kingdom) 2 of 2
Year (2010) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-06-01 The Gala Group

Nottingham, United Kingdom

The Gala Group is a provider of bingo and casino operations in the UK.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-09-27 Screenvision Cinema Network

New York, New York, United States

Screenvision is a national leader in cinema advertising, offering on-screen advertising, in-lobby promotions and integrated marketing programs to national, regional and local advertisers and providing comprehensive cinema advertising representation services for its theatrical exhibitor partners.

Buy -
SELLER

Permira

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1985
PE ASSETS 75.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Permira is a mega-sized private equity firm that targets large company investments around the world. Permira invests to support acquisitions, leveraged buyouts, take-privates, turnarounds, and growth buyouts. Areas of interest include healthcare, financial services, chemicals, consumer products and services, industrial products and services, technology, media, and telecom. Permira will consider opportunities in Europe, Asia, and North America. Permira was formed in 1985 and has offices in Menlo Park, Frankfurt, Luxembourg, London, Hong Kong, Madrid, Milan, Paris, Stockholm, Tokyo, Guernsey and New York City.


DEAL STATS #
Overall 36 of 89
Sector (Gaming) 1 of 2
Type (Secondary Buyout) 11 of 28
Country (United Kingdom) 12 of 18
Year (2010) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-06-01 The Gala Group

Nottingham, United Kingdom

The Gala Group is a provider of bingo and casino operations in the UK.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-06-21 Cognis

Monheim Am Rhein, Germany

Cognis is one of the world's largest producers of chemicals based on natural oils and animal fats. It is involved in many product/ market segments with a particular emphasis on the personal care market and benefits from a diversified raw material base.

Sell €3.1B