Teachers' Private Capital, the private equity investor that falls under the auspices of Canada's biggest pension fund, has had its £73m (€92.4m) offer for Goals Soccer Centres rebuffed.
After receiving support from the board, representing 27 per cent of shareholders, last month, approval for the deal has fallen short of the 75 per cent majority required for it to get the all clear. A total of 71.4 per cent of shareholders voted in favour of the deal.
Non-executive chairman sir Rodney Walker said that Goals will now “continue to focus on delivering the group's strategy of delivering a best-in-class five-a-side football experience to customers in the UK and beyond”.
Goals owns and operates 43 outdoor five-a-side football centres in the UK and one in the US. In the last calendar year, Goals made revenues of £30.4m and pre-tax profits of £9.2m.
Teachers, which owns National Lottery operator Camelot and a stake in Copenhagen airport, has been ramping up its European presence.
At the start of the year, former 3i managing partner Jo Taylor was appointed to head up its London office, while last week Nordic private equity firm Altor sold a majority stake in outdoor wear brand Helly Hansen Group to Teachers.
Private equity firm Patron Capital had been looking at Goals with a view to combine it with its existing investment in Powerleague, but the board has now confirmed that no other offers are on the table.
The public market baulked at news of the failed deal, with Goals' share price shedding 19 per cent yesterday to close at 115.5p. The price is currently trading at 121.5p.