An investment entity, Beach Point Capital Management, has furnished financial backing to Saphalata Holding, a branch of Broadway Gaming Group, for the purchase of 888 Holdings’ bingo division.
The transaction, finalized in July 2022, involved 888 divesting its B2C and B2B bingo activities to Saphalata for an aggregate value of $45.2 million. Broadway Gaming obtained prompt access to the majority of the capital, with $43.2 million disbursed upfront and the balance of $2 million payable after a year.
Michael Haynes, Director of Private Credit at Beach Point Capital, remarked: “The internet wagering and gaming industry is a vigorous and swiftly growing market. Beach Point possesses substantial expertise in this domain, and we are delighted to collaborate with Broadway Gaming on this tactical acquisition.”
The UK-situated bingo enterprise, which yielded $25 million in earnings during the initial half of 2022 and roughly $54 million over the preceding year, constitutes a noteworthy augmentation to Broadway Gaming’s holdings.
David Butler, Chief Executive Officer of Broadway, conveyed his zeal for the acquisition, proclaiming: “We are highly content to conclude this purchase, which broadens our footprint in the lively UK market. We value the attentiveness and proficiency of the Beach Point team, who were capable of cooperating with us to formulate a tailored financing arrangement that empowers us to attain our strategic aims.”
Previously in 2022, 888 issued a trading update and fiscal figures for the 12 months concluding on December 31, 2021. The corporation disclosed revenue of £6.9 billion ($8.408 billion) and adjusted EBITDA of £1.09 billion for the timeframe.
The business also emphasized a significant favorable effect stemming from the resumption of physical store operations as limitations tied to the global health crisis lessened – a pattern observed across numerous jurisdictions with oversight.
