Local firm to be sold for over £73m

Jul 25 2012 by Shona Mitchell, East Kilbride News

EAST Kilbride-based five-a-side football pitch operator Goals Soccer Centre is set to be sold for over £73million.

The firm’s board last week agreed to accept a takeover bid of £73.1m from The Ontario Teachers’ Pension Plan, which is one of Canada’s biggest pension funds.

The deal, done through the pension group's private equity company Goliath, is subject to the backing of shareholders holding at least 75 per cent of the company's shares.

The Peel Park-based firm owns and operates 43 outdoor five-a-side football centres in the UK as well as one in America, generally with floodlit facilities housing several synthetic grass pitches.

The company has around 800 employees and a 2011 revenue of £30.4m and profit before tax of £9.2m.

The Canadian group behind the bid will pay £1.44 per share for Goals, according to a statement from the football firm, giving shareholders a premium of 6.7 per cent.

They already own Maple Leaf Sports and Entertainment, which is the main holding company for a great number of Canadian sports teams.

In recent years they have also made a range of investments across the UK and in 2010 they purchased Camelot, who operate the National Lottery. They also hold large stakes in some prominent English airports.

Earlier this month, Goals confirmed that Patron Capital, owner of five-a-side football company Powerleague, had also expressed an interest in acquiring the firm.