GFH Financial Group on Tuesday announced the signing of a landmark deal to acquire a majority stake in The Entertainer, the incentives provider and lifestyle app.
GFH said in a statement that it has acquired a 85 percent stake but did not give a value for the deal.
The Entertainer, which was founded in 2001 in the UAE, provides consumers in 15 countries across the Middle East, Europe, Asia and Africa with offers and savings at fine dining restaurants, global restaurant franchises, attractions, leisure activities, golf clubs, water parks, spas, beauty salons, gyms, fitness centres plus savings on hotel nights around the world.
The Entertainer launched a smartphone app in 2013 and has since shifted fully from a print publication to a data-driven technology company with 38 destination-specific products, and tailored B2B solutions for corporate clients, with offers from over 10,000 merchant partners.
Last year’s annual turnover exceeded AED130 million, a statement said, adding that the new deal sees the existing financial investors fully exit, while the founder and chairman, Donna Benton, continues as one of the key shareholders and executive management.
Hisham Alrayes, CEO of GFH, said: “Investing in high-growth technology-based companies is now among the cornerstones of GFH’s investment strategy. Over the past 17 years, the Entertainer has established itself as a market leader and we are excited to be joining the company as shareholders during the next phase of development.
"We see significant room for even greater value creation in the Company’s existing markets as well as new locations in the Middle East, Asia, South Africa and Europe, where it has recently established and is experiencing impressive growth.
Benton added: "We’re delighted that GFH have seen our huge growth potential as both a company and a technology platform and that their aim is to support and accelerate the growth of the Entertainer as we continue to enhance the platform and further expand our community globally.”For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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