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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. The change was confirmed in a Monday statement from the 2 companies sent to GGRAsia.
Investment Through Strategic Opportunities
The investment was made through CVC’s Strategic Opportunities platform. According to CVC’s website, the platform was set up in 2014 to invest in high-quality businesses that may not fit a traditional private equity mandate.
The statement said CVC had completed an investment into GLI and related entities, with the move expected to provide resources and expertise to support GLI’s capabilities and growth prospects. No financial terms were disclosed.
GGRAsia said it had approached GLI for clarification on the overall nature of the investment. The announcement, however, confirmed that CVC Strategic Opportunities is now GLI’s first external investor.
GLI Leadership Comments
GLI co-founder and chief executive James Maida said the company was excited and honoured to welcome CVC as a strategic investment partner. He also said the partnership would create new opportunities for growth and innovation, allowing GLI to invest more in the future of the global gaming industry as well as related and adjacent sectors.
GLI was founded in 1989 by Maida and Paul Magno. The company now has more than 1,500 employees and serves over 710 regulated gaming jurisdictions worldwide, according to the statement.
The addition of CVC comes as GLI continues to position itself as a major testing and consultancy provider in the regulated gaming sector. The companies did not release further details on how the partnership will be structured.
CVC’s Investment Approach
CVC partner Matt Turner, who was described in the statement as a GLI board member, said the firm seeks to work with exceptional businesses that have consistent performance, strong market positions, and significant long-term growth potential. He said GLI fits that approach.
According to Turner, Maida and Magno have been able to develop GLI into the undisputed market leader nearly 40 years ago. He also pointed out that GLI has become a very important player in the international landscape of the regulated gaming market and has been recognized as an important partner by regulators, operators and suppliers worldwide.
The company is in a good position for future growth, and according to CVC, it will be pleased to work with Maida and his team in achieving success in the future.
Wider Corporate Context
CVC’s website says it has EUR15-billion, or US$17.1-billion, in assets under management. Its Strategic Opportunities arm is described as having a core focus on corporate private equity investments with a lower risk profile, mainly in Europe and North America, along with the opportunity to partner with founding families or foundations looking for a long-term partner.
The latest announcement adds GLI to that investment approach. For GLI, the partnership brings in a new external investor for the first time, while CVC expands its exposure to a business with a long-established role in gaming technology testing and consultancy.
Source: GGR Asia
