Permira buys Gala stake

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Candover Investments and Cinven confirmed they have sold a 30 per cent stake in bingo and casino operator Gala to Permira for 200m.

The deal ends speculation of an initial public offering by the bingo and casino group.

“The value we could achieve via the private route exceeded the valuation expectation we had from an IPO, and there\’s also the degree of certainty — the IPO process is a long process,” said Gala Chairman John Kelly.

“Permira have made their investment on the same basis that Candover and Cinven made their investments in 2003, and that\’s to develop the business both organically and through acquisitions,” he added.