US – Beach Point Capital Management provides financing for the acquisition of 888 Holdings’ bingo businesses by Saphalata HoldingsBy Phil - 19 July 2022
Beach Point Capital Management announced it provided the debt financing for the acquisition of 888 Holdings’ B2C and B2B bingo businesses by Saphalata Holdings, a member of the Broadway Gaming group, for $46m.
888 Holdings is one of the world’s leading betting and gaming companies with brands such as 888, William Hill, Mr. Green and SI Sportsbook, and is listed on the main market of the London Stock Exchange. Saphalata Holdings is part of Broadway Gaming group, an online gaming company specializing in bingo and casino games.
Michael Haynes, Head of Private Credit at Beach Point Capital Management 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.”
David Butler, CEO of Broadway Gaming, said: “We are thrilled to be acquiring this business as we expand our presence in the vibrant U.K. 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.”