GFH Financial Group (‘GFH’ or ‘the Group’) announced the signing of a deal to acquire a majority stake in incentives provider and lifestyle app, the ENTERTAINER (the ‘Company’).
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 considerable offers and savings at fine dining restaurants, global restaurant franchises, attractions, leisure activities, golf clubs, water parks, spas, beauty salons, gyms, fitness centres, and savings on hotel nights around the world.
Further building on its offering and footprint, the Company launched its smartphone app in 2013, and has 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 AED 130 million.
“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,” said Hisham Alrayes, CEO of GFH.
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.