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PRINT THIS PAGE Permira reportedly in talks to buy Gala stake from Cinven and Candover08/08/2005. Source: AltAssets. 
 European-based private equity firm Permira is in advanced talks to buy a large minority stake in Gala, the Financial Times reported. The UK leisure gaming group is owned by European buy-out firms Cinven and Candover. The offer would value Gala at about £1.9bn.
Gala operates bingo clubs across the UK. New gaming legislation, which makes it no longer necessary to join a club 24 hours before playing, is expected to have a very positive impact on Gala's business.
Cinven and Candover acquired Gala from CSFB in spring 2003, refinanced the company early in 2005 and have been considering an IPO of Gala.
Permira acts as adviser to the 18 Permira funds, which total approximately €11bn. The funds invest in a range of transaction types including financial acquisitions, leveraged buy-outs and buy-ins, public-to-private transactions, turnarounds and growth buy-outs.
Cinven focuses exclusively on companies headquartered in Europe, which have a minimum enterprise value of €250m.
Candover specialises in arranging and leading large buy-outs and buy-ins across Europe.
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