Taverner consisted of a roll-up of 22 large suburban gaming focused pubs throughout Victoria, South Australia and New South Wales. Taverner grew to become Australia’s second largest pub group with over 2,000 electronic gaming machines.
- Catalyst drove the acquisition strategy and arranged both debt and equity financing to support the company’s acquisition ambitions through a period of significant regulatory change.
- The unique gaming focus (slot machines) of the suburban pub industry in Australia was identified as a highly attractive feature of the market, which was undervalued by less sophisticated investors.
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- Significant synergies in overheads and procurement were achieved as
the business scaled with a strengthened management team.
- The earnings of Taverner grew materially throughout Catalyst’s ownership through a combination of acquired and organic growth.
- Catalyst led a dual track sale process, which attracted significant interest from trade buyers, private equity firms and the public markets. The company was ultimately sold to Woolworths.
- Due to well-priced acquisitions, and a sound underlying investment
strategy, strong returns were delivered to Catalyst’s investors.
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