GFH Financial Group reveals investment plan in posting to Dubai's stock market
GFH Financial Group said on Thursday that up to $150 million will be invested in The Entertainer, the incentives provider and lifestyle app, following a takeover deal.
The company said in a statement posted to Dubai Financial Market that The Entertainer "is a key private equity investment in which GFH along with its clients will invest throughout the holding period up to $150 million", adding that GFH will hold approximately 5-10 percent of the transaction.
GFH Financial Group on Tuesday announced the signing of a landmark deal to acquire 85 percent of The Entertainer.
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 at the time: "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."