Canadian exhibitor Cineplex has unveiled a definitive agreement with OpenGate Capital to sell Player One Amusement Group for $155 million, the company said Wednesday.
The deal will see Los Angeles-based private equity firm OpenGate acquire all issued and outstanding common shares of the amusement gaming provider.
“Player One represents a dynamic investment and opportunity to enter the resilient and growing amusement solutions market. As corporate carve-out specialists, we are ready to bring the full force of our operations team to support the business and management team in this next stage of growth,” Andrew Nikou, OpenGate Capital’s founder and managing partner, said in a statement.
The transaction is expected to close in the first quarter of 2024, subject to closing conditions, and includes a long-term agreement for Player One to continue supplying service amusement games to Cineplex theaters and location-based entertainment venues across Canada.
Toronto-based Player One supplies amusement services and games across North America. Cineplex launched the business as Cineplex Starburst in 2015 as an amusement and gaming equipment provider and rebranded the company as Player One Amusement Group in 2016.
“As we continue to focus on our growth plan, the strategy to divest P1AG came at an opportune time to strengthen our balance sheet,” stated Ellis Jacob, president and CEO of Cineplex.
If you liked the article, do not forget to share it with your friends. Follow us on Google News too, click on the star and choose us from your favorites.
For forums sites go to Forum.BuradaBiliyorum.Com
If you want to read more Like this articles, you can visit our Social Media category.
