Zolfo Cooper has advised the shareholders of iNTERTAIN Limited, best known for its chain of Walkabout bars, on its management buy-out led by chairman David Myers and CEO John Leslie.
The purchaser, Better Capital LLP, is a private equity investment vehicle founded by Jon Moulton, former managing partner of Alchemy.
Paul Hemming, a partner in Zolfo Cooper’s corporate finance team, says: “Against the backdrop of a difficult trading environment we used our extensive network of contacts in the market to identify potential buyers for the business. Better Capital has a great track record in these types of investment opportunities and clearly saw the significant potential in Walkabout.”
Considerable competitive interest was generated from across the market around the sale of Walkabout.
“The sale to Better Capital has delivered an excellent outcome for the shareholders,” says Hemming.
Better Capital funds invest opportunistically in situations where operational improvements can quickly add value. Better Capital plans to invest in the chain to reposition it for growth and will work closely with management to realise their shared ambitions.
