Kester Capital

Greenhill Capital Partners Europe and JOHCM Private Equity Acquire Rileys

27 July 2007

LONDON, July 27, 2007 — Greenhill Capital Partners Europe LLP, (“GCPE”), the European private equity arm of Greenhill & Co., Inc (“Greenhill”), and JOHCM Private Equity, the private equity division of JO Hambro Capital Management, (“JOHCM PE”) today announce that they have entered into an agreement to acquire Rileys Limited (“Rileys”), the UK’s leading cue sports operator, from Georgica PLC (“Georgica”) for a consideration of £30.5 million. GCPE and JOHCM PE jointly led the acquisition and will share equally in the funding of it.

Completion of the acquisition is expected to take place by 31st August 2007.

Rileys is the largest operator of cue sports clubs in Great Britain, with over 150 sites across the nation offering cue sports, licensed bar, food facilities, and gaming machines, with a total membership of over half a million people. The clubs are private members’ clubs and the cue sports offered include both snooker and pool (English and American). In addition, informal social poker evenings are offered by the majority of Rileys’ clubs. For the 12 months ended 31 December 2006, Rileys recorded revenues of £58.2 million and EBITDA of £9.5 million.

Brian Phillips, Chief Investment Officer of GCPE, Charles Barlow, a Managing Director of GCPE and Jeremy Brade and Christopher Mills both of JOHCM PE, will join the Board of Crucible Holdings Ltd (“Crucible”), a new holding company formed to effect the acquisition.

Commenting on the acquisition, Brian Phillips said: “We are delighted to be announcing the acquisition of Rileys and we have exciting plans to expand the number of outlets we operate, through a strategy of both acquisitive and organic growth. We will also continue to refurbish and refresh our existing sites and look forward to working with the management team which will remain with the business.”

Jeremy Brade commented, “The acquisition of Rileys complements our longstanding experience in the leisure sector and we look forward to supporting the growth of the business.”

Further enquiries:

GCPE:

Brian Phillips (Chief Investment Officer)
Charles Barlow (Managing Director)
Tel: +44-(0)20-7198-7400

JOHCM Private Equity:

Jeremy Brade (Senior Fund Manager)
Christopher Mills (Chief Investment Officer)
Tel: +44-(0)20-7747-5602

Tulchan Communications:

Paul Harris
Tel: +44-20-7353-4200

About GCPE

Following Greenhill’s success in private equity in the USA through Greenhill Capital Partners (its New York based private equity arm), GCPE was recently established in London. The first closing of its fund was announced in May 2007 with committed capital of approximately £106 million. GCPE is focused on the mid market sector and on specific industries, being leisure, services and healthcare.