Bahrain’s GFH says Al-Futtaim, Al Zarooni acquire minority stakes in The Entertainer

Bahrain’s’ GFH Financial Group has announced an investment partnership with Al-Futtaim and Al Zarooni Emirates Investments to complete its acquisition of buy-one-get-one-free discount firm The Entertainer.

GFH, which announced its acquisition of an 85 per cent stake in The Entertainer in May, said the firm was valued at $150m.

Read: Bahrain’s GFH acquires majority stake in UAE discount firm The Entertainer

The firm expects minority stake acquisitions by Al-Futtaim and Al Zarooni to help the company achieve its next phase of growth, with operations now spanning 15 countries across the Middle East, Europe, Asia and Africa and activities including restaurants, leisure activities, gyms and hotels.

“The Entertainer has so far firmly cemented its position as a market leader and with the support of GFH and our investors, we expect to accelerate plans to capture the vast potential that exists for the company both within the region and globally to double the size of the company over the next three years,” said GFH Capital chairman Sheikh Ahmed Bin Khalifa Al-Khalifa.

Al-Khalifa added that Abu Dhabi Financial Group’s (ADFG) Jassim Alseddiqi, who was appointed chairman of GFH in February, had been appointed chairman of The Entertainer.

Read: Bahrain’s GFH appoints Abu Dhabi Financial Group’s Alseddiqi as chairman

Under May’s deal, The Entertainer’s founder and chairman Donna Benton will remain a key shareholder.

She founded the company in 2001 and has overseen its expansion including the launch of an app in 2013.

Its previous shareholders included troubled private equity group Abraaj.

Read: Abraaj Buys 50% Stake In The Entertainer