Stonegate Pub Company has purchased iNTERTAIN, comprising 30 venues, for £39.5m from Better Capital PCC Ltd.
iNTERTAIN owns and operates a national chain of bars trading principally under the Walkabout brand. Walkabout was founded as Outback Bar in 1994 by David Franks and Peter Mackie.
Simon Longbottom, chief executive of Stonegate, said, “We are delighted to be acquiring iNTERTAIN which is a business we know well and which we have hand-picked for its complementary fit with our existing portfolio. This is another great acquisition for Stonegate and is being acquired at an attractive multiple of c.5.0x pro forma EBITDA, taking into account anticipated synergies.
“iNTERTAIN’s strong association with sport in high street locations is synonymous with Stonegate’s prowess in this market segment and further consolidates our position as the leading provider of sports-led entertainment in the high street pub and bar market.”
John Leslie, CEO of iNTERTAIN, commented, “I couldn’t wish for a better home for iNTERTAIN than within Stonegate. Simon and the team are excellent operators, know the business well and will continue to invest, enabling both the business and the talented people within it to realise their full potential.
“It is a great cultural fit with Stonegate’s growing portfolio and I look forward to seeing the business go from strength to strength.”
Stonegate is one of the UK's largest managed pub companies and operated 662 sites nationwide, but the acquisition now brings this to 692.