Private markets manager and private equity firm CVC Capital Partners PLC has become a “strategic investment partner” at gaming technology testing and consultancy group Gaming Laboratories International LLC (GLI).
That is according to a Monday statement by the two firms sent to GGRAsia.
The CVC investment is via its Strategic Opportunities platform. The latter was set up by CVC in 2014 “to invest in high-quality businesses that may not suit a traditional private equity mandate”, according to CVC’s website.
James Maida, GLI’s co-founder and chief executive, was quoted as saying in Monday’s announcement: “We are truly excited and honoured to welcome CVC as a strategic investment partner.”
He was also cited saying: “This partnership creates new opportunities for growth and innovation, allowing GLI to invest even more in the success of the future of the global gaming industry as well as investing in related and adjacent sectors.”
The release stated CVC had “completed an investment into GLI and related entities”, which would “provide resources and expertise to enhance the capabilities and growth prospects of GLI”. No figures were disclosed in terms of CVC’s involvement.
GGRAsia has approached GLI for clarification on the overall nature of CVC’s investment.
At the time that CVC’s potential investment became public last year, a regulatory announcement in Malta concerning market-competition rules had mentioned “acquisition of sole control of Gaming Laboratories International, LLC and its affiliates Worldwide Laboratories, LLC and Kobetron, LLC”, by a company linked to CVC.
Monday’s update referred to CVC Strategic Opportunities as GLI’s “first external investor”.
Per the statement, GLI – founded in 1989 by Mr Maida and Paul Magno – currently has more than 1,500 employees, serving over 710 regulated gaming jurisdictions worldwide.
Monday’s announcement cited Matt Turner, partner at CVC – and described as a GLI board member –, as saying: “Within CVC Strategic Opportunities, we seek to partner with exceptional businesses that have histories of consistent success, strong market positions and significant long-term growth potential.”
He added: “GLI fits perfectly with that approach, as over nearly 40 years James and Paul have built GLI into the clear leader in its industry.”
Mr Turner further noted of GLI: “The company plays a critical role in the global regulated gaming ecosystem and has established itself as a trusted partner to regulators, operators and suppliers around the world.
“This positions the business extremely well for continued growth, and we are looking forward to working alongside James and the talented team at GLI to support the company’s future success.”
CVC’s website say it has EUR15-billion (US$17.1-billion) in assets under management. CVC’s Strategic Opportunities arm is said to have a “core focus on corporate private equity investments with a lower risk profile, primarily in Europe and North America, as well as the opportunity to partner with founding families or foundations looking for a long-term partner”.
