Stonegate buys Walkabout owner Intertain

The deal, for an undisclosed sum, sees Stonegate take on 30 Walkabout sites in the UK from Intertain owner Better Capital and will grow its estate to 692. 

Stonegate chief executive Simon Longbottom said the acquisition was a 'complementary fit' for its existing portfolio and would take the company into new regions in the UK. 

"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. Our track record of integrating, investing in and ultimately maximising value from drinks-led, town and city centre sites is unparalleled as we continue to exploit this market opportunity.

“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."

Longbottom said the company planned to invest in the 30 Walkabout sites over the next three years. 

“We look forward to welcoming the employees of Intertain into the enlarged group and working with them to drive the ongoing success of the business as we continue to progress our dual growth strategy of inward investment in our existing estate and expansion via selective acquisition," he said. 

Intertain CEO John Leslie said: “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.”