Open Gate Capital, a global private equity firm, announced today that it has signed a definitive agreement with Cineplex, Canada’s leading entertainment and media company, to acquire their Player One Amusement Group (“P1AG” or “Player One”) division.
OpenGate will acquire all issued and outstanding common shares of P1AG for a total transaction value of $116.5m, subject to certain closing adjustments. Closing is expected to occur in early 2024 subject to customary closing conditions.
P1AG is an amusement services provider based in Toronto, Ontario serving customers across Canada and the US. The business provides amusement gaming equipment and outsourced operations and maintenance support to customers seeking to drive superior location profitability and create a best-in-class consumer experience.
In addition, the business sources, distributes, and maintains amusement gaming equipment for commercial and retail venues across North America. Customers include theater chains, family entertainment centers, and other amusement operators including bowling centers, resorts, restaurants, and trampoline parks.
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“Player One represents a dynamic investment and opportunity to enter the resilient and growing amusement solutions market,” said Andrew Nikou, OpenGate Capital’s Founder and Managing Partner. “As corporate carve-out specialists, we are ready to bring the full force of our operations team to support the business and management team in this next stage of growth.”
P1AG serves approximately 2,400 customer locations and manages more than 20,000 equipment assets across North America.
About OpenGate Capital
OpenGate Capital is a global private equity firm specializing in the acquisition and operation of businesses to create new value through operational improvements, innovation, and growth. Established in 2005, OpenGate Capital is headquartered in Los Angeles, California with a European office in Paris, France. OpenGate’s professionals possess the critical skills needed to acquire, transition, operate, build, and scale successful businesses. To date, OpenGate Capital has executed more than 40 platform acquisitions across North America and Europe.
Source: Businesswire
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