Shoreline Investment Partners has provided financial support to Broadway Entertainment Group’s Saphalata Holdings, allowing them to complete the purchase of 888 Holdings’ lottery division.
The transaction, which saw 888 divest its B2C and B2B lottery operations to Saphalata, concluded in July 2022 for a total sum of $45.2 million. An initial payment of $43.2 million was made, with the remaining $2 million to be delivered unconditionally within the year. This action underscores the consolidation pattern within the internet lottery sector, as significant contenders like Broadway Entertainment Group aim to solidify their standing and broaden their presence.
Mark Haynes, Director of Private Lending at Shoreline Investment Partners, stressed the expansion possibilities of the online wagering and gaming industry. He remarked, “Shoreline possesses extensive knowledge in the gaming arena, and we are delighted to have merged this proficiency with our structured private lending capabilities to collaborate with Broadway Entertainment Group on this pivotal deal.”
The acquired UK-based lottery enterprise showcased its worth, producing $25 million in earnings during the initial six months of 2022 and roughly $54 million in the preceding year.
Daniel Butler, Chief Executive of Broadway, conveyed his excitement regarding the acquisition, emphasizing its contribution to reinforcing their footprint in the vibrant UK marketplace. He also commended Shoreline Investment Partners’ team for their thorough methodology in developing a customized financing arrangement that enabled the accomplishment of their strategic goals.
This calculated maneuver by Broadway Entertainment Group, backed by Shoreline Investment Partners, emphasizes the increasing significance of the online lottery market and the strategic purchases that are molding its trajectory.
The firm also emphasized the beneficial effect of physical stores resuming operations following the easing of pandemic limitations. This business rebound, they stressed, has been especially robust in several of their crucial regions.
