Goldman Sachs and Cerberus Capital Management have teamed up with Apollo Management in a bid to wrest control of UK gambling company Gala Coral from its private equity owners, having bought a significant segment of the company’s debt.

The three private equity investors have each bought key stakes in €130m ($92.17m) of mezzanine debt being sold by lender Intermediate Capital Group and one other debt investor advised by Park Square Capital, according to four sources familiar with the situation.