Better Capital, the turnaround fund owned by veteran venture capitalist Jon Moulton, yesterday announced it had bought Australian-themed pub chain Walkabout in a deal worth £20m.
The fund said in a statement it had successfully acquired Walkabout’s parent company iNTERTAIN. The company had been controlled by creditors since 2009.
It was formed out of the collapse of Regent Inns in a controversial pre-pack deal.
Last year, iNTERTAIN hired turnaround specialist Zoflo Cooper as a financial adviser to help it attract new investment.
In 2013, the company was bought by Barclays Ventures and a fund backed by Goldman Sachs and TPG Capital from its then-owners, a club of banks, including RBS, Lloyds and Barclays.
The deal sees Better Capital take over 26 Walkabout pubs, five Jongleurs comedy clubs and six additional unbranded pubs.
The acquisition is Better Capital’s fourth over the past two years, following on from the purchase of OfficeTeam, a leading UK contract supplier of office products and services, in July; express delivery company City Link in April last year; high-end fashion brand Jaeger in April 2012; and window manufacturer Everest in the same year.
Moulton established Better Capital after leaving British private equity firm Alchemy Partners in 2009.