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.