The Gauselmann Group is interested in Gala Coral Groups retail bingo division, Gala Bingo has been revealed by UK business news sources.
Gala Coral governance has been in the process of selling its 130 retail bingo halls, either via a complete division acquisition or individual sale of the division assets.
UK business news sources have named German gambling operator Gauselmann Group as a potential suitor alongside private equity firms Bridgepoint, Rish Capital Partners and OPCapita.
Former Scientific Games CEO Lorne Weil has been further named as a potential suitor for the division. Suggesting the Weil may look to form a special acquisition vehicle to purchase division.
Furthermore it has been reported that current Gala Bingo Managing Director Simon Wykes is preparing to bid for a management buyout of the retail division.
Gala Coral have not confirmed to the UK Media whether any formal offers have been placed for the retail bingo division. The operator is set to use funds raised in the sale to help grow its interactive business divisions.
In September 2014 the operator hired M&A financial advisers Lazard to consult on its sales strategy. Lazard are thought to be targetting to sell Gala Coral’s retail bingo division for an estimated £250 million.