The acquisition of Intertain’s 30 sites, primarily under the Walkabout brand, from Better Capital is due to complete tomorrow (Tuesday 7 December), taking Stonegate’s total number of sites to 692.
Intertain is a drinks-led bar operators focusing on the high street and sport-led entertainment based in prime town and city locations nationwide, including London, Cardiff, Brighton and Birmingham.
Stonegate chief executive Simon Longbottom said the pub group was delighted to acquire Intertain and said it had been “hand-picked it for its complementary fit” with the company’s existing portfolio.
He added: “This is another great acquisition for Stonegate and is being acquired at an attractive multiple of around 5x pro forma earnings before interest, tax, depreciation and amortization (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.
“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”.
Stonegate’s previous acquisitions include Bramwell in 2013 and Maclay’s and Tattershall Castle Group (TCG) last year.
Great cultural fit
Intertain CEO John Leslie said he couldn’t have wished for a better home for the Walkabout operator than Stonegate.
He added: “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.”