Global private equity firm TPG Capital is set to acquire Australian bowling alleys and mini golf company Funlab.
It is understood TPG’s Australian team agreed the $250 million-odd purchase on Monday night, which will see them take Funlab off the hands of domestic PE outfit Next Capital.
Citi was sell-side adviser on the deal, while MinterEllison provided legal advice. Quentin Miller’s Intrinsic Partners and Herbert Smith Freehills tended to TPG.
As part of the deal with TPG, Funlab boss Michael Schreiber and his management team – who were advised on their options by Arnold Bloch Leibler – will roll a portion of their 25 per cent stake into the BidCo.
TPG is expected to partner with Schreiber to grow the leisure business, which was heavily disrupted by the COVID-19 pandemic and associated lockdowns. Funlab operates leisure venues ranging from Strike bowling alleys and Holey Moley indoor golf venues to Sky Zone trampoline centres, B. Lucky & Sons game arcades and Juke’s karaoke bars…see full article.
