The buyout is the second investment from the UK mid market firm’s ’s second fund.
Ealier this year Palatine secured its first investment, backing Chase Templeton Group, one of the UK’s largest private medical insurance (PMI) specialist intermediaries.
In January AltAssets reported that the firm had hit a first closing on the fund, on £125m.
Following the completion of the deal, Palatine will become the majority owner of the division, which is to be renamed Playnation.
The business supplies amusement and gaming machines for holiday parks, motorway services, bowling centres and airports. Its turnover is expected to reach £31m this year according to Palatine.
“Playnation is well-placed to capitalise on growth opportunities in this resilient leisure sector,” said director at Lloyds Bank Paul Whitehouse. “We look forward to continuing our support for its high calibre management team as it cements its position as a clear market leader in the UK amusement and entertainment machine industry.”
Palatine’s managing partner Gary Tipper and investment director Ben Houghton will join Playnation’s board as non-executive directors with a non-executive chairman due to be appointed soon.
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