GCA Altium is now part of Houlihan Lokey

Transaction Details

July 1, 2009
London Sloane St


Digital Media and Media

Deal Type


Deal Value


Deal Team

Jonathan Norman

Cashcade sold to PartyGaming

Cashcade: the largest provider of online bingo entertainment to UK-based players

Founded in 2001, British firm CashCade is the largest provider of online bingo entertainment to UK-based players with leading brands such as FoxyBingo.com, MirrorBingo.com, ThinkBingo.com and CheekyBingo.com.

Acquisition of Cashcade for £95.9m is in line with PartyGaming’s strategy of strengthening its position in the online poker, casino, sports and bingo markets

PartyGaming, the listed Gibraltar-based online gaming portal operator, has acquired Cashcade from Independent News & Media, the listed Irish based newspaper and communications group, and other private individuals, on a debt free cash free basis, for a cash consideration of GBP 95.9m.

Prior to the transaction, Independent News & Media held an 18% stake in Cashcade. The transaction includes an initial payment of £71.9m, and an additional payment of £24m related to future profit performance. The £24m comprises of £15m to be paid to Cashcade shareholders in March 2010 if Cashcade’s EBITDA for the 2009 equals £15m, and £9m in March 2011 if Cashcade’s EBITDA for the 2010 equals £19m.

The deal sees PartyGaming’s share of the global online bingo sector increase to around 6% while it will possess a 23% stake of the UK market, which is estimated to be worth over £245m.

GCA Altium acted as financial advisor to the sellers.

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