Blackstone sizes up Novus
11 June, 2012
Private equity giant and Tragus parent Blackstone is bidding to buy Novus Leisure, the Sunday Times claims.
Its unattributed source suggests Novus will change hands for around £110m. Other bidders in the running for the company include Silverfleet and the private equity arms of Legal & General and Lloyds.
Rumours about who is bidding for Novus have circulated for a while now. The company is certainly in good shape for a sale, having recently reported that it was on track to hit profit targets of £20m. In February, the Sunday Times reported that it had appointed Rothschild to advise it on a sale. Private equity company Duke Street came close to a deal last year, but eventually ended its overtures.
Novus’ prize brands include the Tiger Tiger chain of venues, as well as the Balls Brothers group of City bars, which it acquired early last year. Blackstone has been on the hunt for acquisitions in the eating and drinking out market for some time, though bolt-ons to its Tragus group had been expected rather than a foray into the late-night sector.
For the full story, see Blackstone bid for Tiger Tiger.