bingo! CSFB corners U.K. gaming parlor market.(Credit Suisse First Boston Private Equity)(Brief Article)(Statistical Data Included)

Pensions & Investments, August, 2000 by Fulman, Ricki

The Brits' passion for bingo has turned into a winning investment for Credit Suisse First Boston Private Equity -- the New York-based firm's $608 million CSFB International Equity Partners LP fund has been buying up bingo parlors throughout the United Kingdom. In the spring it bought Gala Group Ltd., Nottingham, for 400 million ($600 million).

It was the largest leveraged buyout in the United Kingdom so far this year, said David DeNunzio, chief executive officer at CSFB Private Equity, which oversees $3.7 billion in committed private equity capital. A few weeks later, CSFB acquired Gala's main competitor, Reva Clubs Ltd., Tamworth, which owns 27 bingo clubs, for 90 million. Now Gala is the No. 1 operator of British bingo, with 174 outlets. The Gala buyout...