Monday 25 January 2021

GFH to acquire Dubai lifestyle app The Entertainer

DUBAI, May 3, 2018

Bahrain-based GHF Financial Group said it has signed a landmark deal to acquire a majority stake in Dubai-based lifestyle app and incentives provider - The Entertainer.

The company, which was founded in 2001 in the UAE, has developed a strong merchant partner network in the GCC and beyond based on its longstanding relationships and market-leading technology.

Consumers in 15 countries across the Middle East, Europe, Asia and Africa enjoy unbeatable offers and savings at fine dining restaurants, global restaurant franchises, attractions, leisure activities, golf clubs, water parks, spas, beauty salons, gyms, fitness centres and much more – plus savings on hotel nights around the world.

Further building on its offering and footprint, the company launched an award-winning smartphone app in 2013. It has since shifted fully from a print publication to a data-driven technology company with 38 destination-specific products, and tailored B2B solutions for corporate clients, with offers from over 10,000 merchant partners.

The app operates in a variety of languages based on location including English (global), Arabic (GCC), Greek (Athens and Cyprus) and Cantonese (Hong Kong). Last year’s annual turnover exceeded Dh130 million ($35.3 million).

The transaction saw the existing financial investors, fully exit, while the Founder and Chairman Donna Benton, continues as one of the key shareholders and executive management contributing to the vision and growth of the company alongside GFH.

On the deal, CEO Hisham Alrayes said: "Investing in high-growth technology-based companies is now among the cornerstones of GFH’s investment strategy. Over the past 17 years, the Entertainer has established itself as a market leader and we are excited to be joining the company as
shareholders during the next phase of development."

"With a strong and profitable business model, advanced digital platform and the successful global expansion currently underway, we see significant room for even greater value creation in the company’s existing markets as well as new locations in the Middle East, Asia, South Africa and Europe, where it has recently established and is experiencing impressive growth," stated Alrayes.

"What differentiates the Entertainer is the fact that even while enjoying a high growth rate, it has achieved high profitability and turnover. We aim to take the platform to the next level and create phenomenal returns for our investors given the recent technology multiples in the region and worldwide. We shall achieve this by working together with Benton and the senior management team to enter new markets, support for further growth, diversification of the business and customer base,” he added.

Benton, expressing delight at the GFH deal, said: "Our core focus has always been on being leaders in what we do and providing the highest level of value, service, technology and partnership to both merchants and consumers."

She pointed out that GFH had seen the Entertainer's huge growth potential as both a company and a technology platform. "Their aim is to now support and accelerate the growth of the Entertainer as we continue to enhance the platform and further expand our community globally," she added.
GFH is one of the most recognised financial groups in the Gulf region operationing in the asset and wealth management, commercial banking and real estate development sectors. Its operations are focused in the GCC, North Africa and India.-TradeArabia News Service

Tags: Bahrain | Dubai | GFH | The Entertainer | lifestyle app |

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