Interblock announced Tuesday that it has been acquired by funds managed by Oaktree Capital Management. The company will continue to operate as an independent business.
The company provides multi-player gaming devices featuring “the ultimate in luxury interactive entertainment experiences for players,” as described by Interblock. Furthermore, Oaktree has a long history of investments in gaming and leisure companies, including J&J Ventures and Cannery Casino Resorts. It has $164 billion in assets under management as of March 31, 2022.
John Connelly, Global Chief Executive Officer of Interblock, said: “We have delivered robust growth over the past six years, which can be attributed to the company’s dedicated team of ETG specialists, best-in-class product portfolio, data-driven decision making, and our continued focus on innovation. There is significant momentum within the Electronic Table Game sector, making it the right time to partner with one of the largest private equity firms in the world – Oaktree.”
“Such progress would not have been possible without the leadership and innovative eye of our outgoing Chairman, Joc Pečečnik, who has contributed significantly to both Interblock’s development and the gaming industry overall. Moving forward, we are excited about our partnership with Oaktree and the ability to further accelerate our momentum, concentrating on both organic growth and potential acquisitions,” he added.
David Quick, Managing Director in Oaktree’s Special Situations Group and Board Member of Interblock, stated: “We look forward to being a part of this exciting new chapter for Interblock, which boasts significant market leadership in an incredibly fast-growing industry, an attractive financial profile and durable customer relationships. We will work closely with John and the company’s world-class leadership team to advance the growth plan and achieve their long-term vision for the business.”
Interblock is a supplier of electronic games with operations in more than 234 jurisdictions across North America, Latin America, EMEA, and APAC, and “will continue to innovate with new software and products”, the company added.
“By providing attractive economics to casino operators through increased dealing speed and decreased staffing costs, the ETG market has experienced rapid growth with acceleration in adoption occurring during the pandemic,” it concluded.
Original article: https://www.yogonet.com/international/news/2022/06/08/62945-interblock-acquired-by-assets-management-firm-oaktree
