Hermes Private Equity In $28m Bingo Play

Hermes Private Equity (HPE) has acquired bingo operator Mayfair Gaming from Risk Capital Partners for an undisclosed sum, believed by industry sources to be between $26m and $28m. HPE, the private equity arm of Hermes Pensions Management, said it planned to grow the business through a niche roll-out, targeting appropriate locations for the brand's local customer base. A ninth club is due to open later this year.

Justin Ward, a director of HPE, said the bingo market had strong investment features.

"There is interesting potential to grow both organically and through acquisition of small operators in what remains a very fragmented market," added Ward. Risk Capital Partners acquired Mayfair Gaming in 2004. The bingo operator had a 2005 turnover of $12m.

HPE has about $1bn committed to private equity, both as an active investor in external private equity partnerships, and through its own direct investment activity.

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