Hermes Private Equity In $28m Bingo Play

Hermes Private Equity (HPE) has acquired bingo operator Mayfair Gaming from Risk Capital Partners for an undisclosed sum, believed by industry sources to be between $26m and $28m. HPE, the private equity arm of Hermes Pensions Management, said it planned to grow the business through a niche roll-out, targeting appropriate locations for the brand's local customer base. A ninth club is due to open later this year.

Justin Ward, a director of HPE, said the bingo market had strong investment features.

"There is interesting potential to grow both organically and through acquisition of small operators in what remains a very fragmented market," added Ward. Risk Capital Partners acquired Mayfair Gaming in 2004. The bingo operator had a 2005 turnover of $12m.

HPE has about $1bn committed to private equity, both as an active investor in external private equity partnerships, and through its own direct investment activity.

Bingo Bugle Newspaper News and Press Releases

This article has been read 2558 times.

Would you like to own a Bingo Bugle Newspaper Franchise?

For more information about becoming a Bingo Bugle Newspaper Franchise owner, including a franchise overview, start-up costs, fees, training and more, please visit our Bingo Bugle Newspaper Franchise Information page.