Investment banking firm advises on UK deal
A U.K.-based online gaming software supplier is acquiring some assets from a business-to-business broker with Grand Rapids ties.
The Grand Rapids-based investment banking firm Charter Capital Partners said yesterday that London-based ACM Group, or Alpha, whose management team works out of Grand Rapids, has agreed to sell technology, intellectual property and customer assets to the London-based gaming company Playtech to enhance the latter’s financials division.
Charter Capital Partners assisted Alpha with the transaction.
The acquisition is expected to close in early September and includes an up-front payment of $5 million, two staged payments based on the EBITDA of 2017 and 2018 and contingent consideration based on a 5.2 multiplied 2019 EBITDA, with total consideration capped at $150 million.
“We are pleased to be part of the Playtech family,” Alpha CEO Muhammad Al-Amin Rasoul said. “Their understanding of our business, married with their financial strength is a perfect fit for us. Most importantly, we will be able to better serve both companies clients with the additional capabilities afforded by this transaction.”
“The entire Alpha team, based literally all over the globe, represents the very best in business diversity, led by a dynamic Grand Rapids leadership team."