Palatine Private Equity backs the MBO of Playnation from Inspired Gaming

Playnation

Clearwater Advisor

Press Release

Palatine Private Equity has backed the management buyout of the amusement and gaming division of Inspired Gaming, in a deal introduced by Clearwater International. As part of the deal, the business will be renamed Playnation.

Playnation is the leading supplier of amusement and gaming machines and supplies holiday parks, motorway services, bowling centres and airports, including Butlins, Haven, Parkdean, Park Resorts, Moto, Roadchef, Welcome Break, Tenpin and First Bowl. Turnover is expected to reach £31million in 2013. Under the terms of the acquisition 350 staff will be transferred under TUPE agreement from Inspired Gaming to the new Playnation business. Palatine has acquired a majority shareholding in the business, which is led by chief executive Adam Hodges.

“This is a really exciting time for Playnation. We are all really looking forward to moving the business forward with the help of the investment from Palatine. We are well placed for growth, with a fantastic roster of clients. We are pleased Palatine are working with us at this transformational time for the business.”

Adam Hodges, Chief Executive, Playnation

“It has been a pleasure to support such a strong management team in a market leading business with exciting growth prospects. This deal demonstrates our strong presence in the UK private equity arena and commitment to working closely with management teams and funders. ”

Phil Burns, Partner, Clearwater International