Transaction Represents a Meaningful Opportunity for Player One Amusement Group to Continue its Growth Plans
MISSISSAUGA, ON, February 2, 2024 – Player One Amusement Group (“P1AG”), a leading arcade and amusement distributor announced today that the previously announced acquisition of P1AG by private equity firm, OpenGate Capital (“OpenGate”) from Cineplex, has been completed.
OpenGate acquired all issued and outstanding common shares of P1AG for a total purchase price of $155 million in cash, subject to customary post-closing adjustments (the “Transaction”). As part of the Transaction, Cineplex and P1AG entered into a long-term agreement where P1AG will continue to supply and service amusement games in Cineplex’s theatres and location-based entertainment venues.
“The acquisition of Player One Amusement Group underscores our experience and expertise with corporate carve-outs,” said Andrew Nikou, OpenGate Capital’s Founder and Managing Partner. “We look forward to partnering with the team at P1AG as the business embarks on its next chapter of growth.”
The OpenGate and P1AG’s management teams plan to create best-in-class experiential entertainment for consumers that drives superior location profitability for customers. P1AG’s stable customer base and differentiated value proposition uniquely position the company to capitalize on the growing and fragmented market opportunity both organically and through acquisition. As part of the transaction, OpenGate is making strategic investments in the Company’s people, infrastructure, deployable assets, and systems to enable P1AG to better serve existing and new customers.
“The acquisition by OpenGate Capital presents a tremendous opportunity for P1AG to expand our business across various sectors while also enhancing our capabilities and core services,” said John Kolliniatis, Senior Vice President & General Manager, P1AG. “I am very excited for our future.”
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. To learn more about OpenGate, please visit www.opengatecapital.com.
About Player One Amusement Group
Player One Amusement Group is a top-tier brand that operates in the Amusement and Leisure sectors across Canada and the United States. P1AG offers businesses and consumers the latest arcade and amusement games, as well as perennial favorites from all major manufacturers. With 21 offices spanning North America and over 3000 locations served P1AG delivers customized solutions to Family Entertainment Centers, Bowling Alleys, Amusement Parks, Hotels & Resorts, and to home game rooms of all sizes.
Player One Amusement Group employs over 350 people in its offices and venues across Canada and the United States. To learn more, visit winwithp1ag.com.
For more information, contact:
OpenGate Capital Media Contacts:
Prosek Partners
Email: Pro-opengate@prosek.com
Alanna Chaffin
Head of Investor Relations & Communications
AChaffin@opengatecapital.com
Player One Amusement Group:
Maya Plots
Senior Marketing Manager
maya.plots@cineplex.com
Cineplex:
Michelle Saba
Vice President, Communications
PressRoom@Cineplex.com
Caution Regarding Forward-Looking Statements:
Certain statements in this news release may contain forward-looking information (identified by words such as “will”, “anticipates”, “expects”, “intends” and similar expressions suggesting future events or future performance). Such forward-looking information is based on expectations and assumptions made by P1AG and is subject to risks and uncertainties which may be beyond P1AG’s control. Readers are cautioned that undue reliance should not be placed on forward-looking information as actual results may vary materially from the forward-looking information. P1AG does not undertake to update, correct or revise any forward-looking information as a result of any new information, future events or otherwise, except as may be required by applicable law.