Beach Point Capital Management finances 888 Holdings bingo business acquisition
The deal has an estimated value of $46m.
Beach Point Capital Management has provided debt financing to Broadway Gaming Group’s Saphalata Holdings for the acquisition of 888 Holdings’ bingo businesses. The deal is valued at close to $46m.
Beach Point Capital specializes in credit-based investments, with its main office located in Santa Monica, California. The firm also has offices in New York, London and Dublin.
Part of the firm’s business strategy is to focus on complex investment opportunities that are not as heavily followed.
Beach Point Capital Management Head of Private Credit Michael Hayne said: “The online betting and gaming sector is a fast-growing industry where Beach Point has deep expertise, and we were pleased to be able to couple that knowledge with our private credit structuring capabilities to partner with Broadway Gaming group on this strategic transaction.”
Broadway Gaming group is an online gaming company that focuses on bingo and casino games.
Broadway Gaming CEO David Butler expressed his appreciation for Beach Point’s work and said the company looks forward to completing the acquisition.
He commented: “We are thrilled to be acquiring this business as we expand our presence in the vibrant UK market and appreciate the thoughtfulness and agility with which the team at Beach Point was able to work with us to develop this bespoke financing facility to enable us to execute our strategic vision.”
888 Holdings was founded in 1997 and is a public company that is based in Gibraltar. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
The company owns several well-known gambling brands and websites, including 888sport, 888casino and 888poker.
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