Accel Entertainment Completes Acquisition of Century Gaming | Business and finance
CHICAGO–(BUSINESS WIRE)–June 1, 2022–
Accel Entertainment, Inc. (NYSE: ACEL) (“Accel”), a leading distributed gaming operator in the United States, today announced the completion of its previously announced transaction to acquire Century Gaming, Inc. ( “Century”), a leading distributed gaming operator in the western United States, for $164.2 million in cash and stock, including Century’s working capital.
“We couldn’t be more excited to further expand our operations in the western United States with the Century team. We are confident that Century’s management team, comprised of Steve, Heidi and Merle, is the perfect partner to guide us through this attractive market and capture new growth,” said Andy Rubenstein, CEO of Accel. “Together, we look forward to continuing to pursue innovative opportunities to expand our business model. hyper-local to new markets across the country.”
Century brings Accel more than 8,300 gaming terminals and more than 900 licensed locations in Montana and Nevada, including bars, taverns, truck stops and convenience store groups in both markets. With the closing of this transaction, Accel also adds design and manufacturing operations to its portfolio through Grand Vision Gaming (“GVG”) as well as Century’s proprietary “i-Rewards” and “Gamblers Bonus” rewards programs.
Century’s leadership team, including CEO Steve Arntzen, CFO Heidi Schmalz and GVG Managing Director Merle Frank, will continue to lead Century through its next chapter within the Accel family.
Steve Arntzen, CEO of Century, commented, “In Accel, we have found an ideal strategic partner and together we are uniquely positioned to accelerate our growth trajectory as we deliver the latest technological advancements to the gaming market. I’m proud to continue to lead our dynamic team and build on our strong momentum under the Accel banner as we provide our operators and players with engaging locations, the highest quality products and world-class support for which we are known.
Accel is one of the leading distributed gaming operators in the United States by adjusted EBITDA and a preferred partner of local business owners in the Illinois market. Accel’s business consists of the installation, maintenance and operation of VGTs, redemption devices that pay out winnings and contain ATM functionality, and other entertainment devices in non-premises locations. authorized such as restaurants, bars, taverns, convenience stores, liquor stores, truck stops, and grocery stores.
Century has over 60 years of distributed gaming experience and currently serves over 900 licensed customers in Montana and Nevada, including numerous bars, taverns, truck stops and convenience store operators. Through the installation of advanced technologies, Century continues to lead the way in player-centric gaming innovation.
Caution Regarding Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this press release are forward-looking statements. When used in this press release, words such as “anticipate”, “will”, “believe”, “estimate”, “expect”, “intend”, “target”, “plan”, “outlook”, “addition”, “look ahead”, “seek”, “continue” and similar expressions and their negatives, insofar as they relate to us, our management team , Century or the contemplated transaction or its anticipated effects or benefits, are intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. These forward-looking statements are based on management’s current reasonable expectations and beliefs, as well as assumptions made by Accel’s management and information currently available to it regarding Century, the proposed transaction or its anticipated effects or benefits. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual performance and achievement of results, or industry results, to differ materially from those contemplated by the forward-looking statements. certain factors detailed in Accel’s filings with the Securities and Exchange Commission (“SEC”).
The anticipated effects or benefits of the contemplated transaction may not ultimately occur, including expected revenues; the effective integration of Century’s operations, facilities and terminals with ours; integrating new technologies into our own portfolio; and, integrating player rewards programs into our own system or expanding those rewards programs into other US markets. We cannot guarantee the accuracy of any forward-looking statements, and you should be aware that results and events could differ materially and adversely from those contained in the forward-looking statements due to a number of factors, including, but not limited to, the potential future adverse impact of the COVID-19 pandemic on Century’s business, operations and financial condition, including as a result of any suspension of gaming operations in Nevada or Montana; our ability to expand effectively in Nevada and Montana; our ability to effectively manage growth; our ability to deliver new and innovative products and services that meet the needs of Century’s partner institutions and create strong and lasting player appeal; Century’s reliance on relationships with major manufacturers, developers and third parties; the negative impact on Century’s future operating results from weak growth in demand for gaming terminals and weak gaming growth in Nevada and Montana; Century’s heavy dependence on its ability to win, maintain and renew contracts with approved partner institutions; adverse economic conditions or decreased discretionary spending due to other factors such as epidemics or other public health concerns (including COVID-19), terrorist activity or threat thereof, civil unrest civil or other economic or political uncertainties, which could adversely affect Accel’s or Century’s business, results of operations, cash flow and financial condition and other risks and uncertainties.
Accordingly, forward-looking statements, including any projections or analyses, should not be relied upon as factual and should not be relied upon as an accurate prediction of future results. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond Accel’s control. Except as required by law, we do not publicly undertake to update or revise these statements, even if experience or future changes clearly show that the results or projected benefits expressed in these press releases or statements of business will not materialize. Further, the inclusion of any statement in this press release does not constitute an admission by us that the events or circumstances described in such statement are material. We qualify all of our forward-looking statements with these cautionary statements.
CONTACT: Media: Eric Bonach
KEYWORD: ILLINOIS UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: ENTERTAINMENT RETAIL RESTAURANT/BAR CONVENIENCE STORE GENERAL ENTERTAINMENT ELECTRONIC GAMES CASINO/GAMING
SOURCE: Accel Entertainment, Inc.
Copyright BusinessWire 2022.
PUBLISHED: 06/01/2022 16:30/DISC: 06/01/2022 16:32
Copyright BusinessWire 2022.