US private equity firm Trive Capital are to takeover Bowling firm Ten Entertainment for £287 million.
The bowling firm runs 52 sites across the UK and on Wednesday the board told shareholders they are recommending the takeover for 412.5p per share in cash.
The company employs 1,800 workers and they have been provided with assurances that the US firm will “continue growing the business both domestically and internationally.”
Adam Bellamy, the chairman of Ten Entertainment, said: “I am confident that the growth strategy we have in place for the business will continue to deliver for all our stakeholders.
“However, whilst TEG (Ten Entertainment Group) has performed well in the public markets in comparison with its peers, the acquisition provides all TEG shareholders with the opportunity and certainty of an exit which I believe recognises the underlying value in our business.
“The price offered by Neon Buyer represents an attractive premium to TEG’s prevailing share price and accordingly the TEG directors have no hesitation in recommending the offer to our shareholders.”
Trive partner Shravan Thadani said: “Trive believes that private ownership will enable TEG to reach its long-term growth potential through continued investment in organic initiatives and strategic acquisitions.
“To that end, and given our go through in the consumer and multi-unit retail sectors, we are excited to supply the operational resources, strategic uphold and capital required to boost TEG’s next phase of growth.”
