15/04/2012
Press Release
OPCAPITA TAKES CONTROL OF GAME IBERIA AND EVALUATES POTENTIAL SALE.
OpCapita, the private equity firm specialising in operational turnarounds in the European retail, consumer and leisure sectors, has completed the agreement to take control of Game Iberia. The transaction was mateiralised by Cherrilux Investments s.a.r.l, an entity advised by OpCapita.
Cherrilux Investments, a sister company of Baker Acquisitions, has taken control of Game Iberia from the joint administrators, PwC, in a transaction connected to Baker's acquisition of the UK assets of The Game Group plc, which was originally announced on 1 April 2012. The change of control of Game Iberia was completed on 11 April 2012.
Cherrilux, is evaluating a potential sale of Game Iberia in a continuation of a process which was started by GAME last year.
OpCapita and Baker remain focused on the operational turnaround of the UK assets acquired from GAME which comprise 333 stores and employ nearly 3,200 staff.
Game Iberia is the leading video games retailer in Spain. It has 290 stores in Spain and Portugal,employs 1,000 staff, is profitable and has an annual turnover of around €300 million.
Cherrilux has no plans to close stores at Game Iberia and will continue to run the business as a going concern while evaluating the possible sale of the business.