Gamenet Group S.p.A. is one of the largest gaming companies operating in Italy in the sector of public games authorised by the Agenzia delle Dogane e dei Monopoli (Customs and Monopolies Agency), leader in the betting and online gaming segments and with a significant presence in the gaming machines (AWPs and VLTs) and retail segments.
The Group was established on July 1st 2016 from the acquisition of Intralot Holding and Services S.p.A., italian branch of the Intralot Group, one of the world’s largest providers of services in the gaming sector, by Gamenet S.p.A.
On December 6th 2017, the Goup makes its debut on the STAR segment of the Italian Stock Exchange, dedicated to medium-sized enterprises that are committed to meeting the requirements of excellence in terms of transparency, corporate governance and liquidity.
The Group's growth path accelerates again in October 2018, when the acquisition of Goldbet S.r.l., another major gaming and betting company in Italy, was successfully completed.
The Group’s main shareholder is Gamma Bidco S.r.l., a company formed on behalf of funds managed by Apollo Management IX, L.P., which holds about 67% of the shares. The remaining share capital of about 33% represents the market free float.
Apollo Management IX, L.P. is part of Apollo Global Management, Inc. is a publicly listed leading global alternative investment manager. Apollo had assets under management of approximately $323 billion as of September 30, 2019 in its affiliated private equity, credit and real assets funds.
On May 1st, Goldbet S.p.A. and Intralot Italia S.p.A. merge into one company, which retains the name of Goldbet S.p.A. The transaction is part of a wider process of reorganization and rationalization of the corporate structure of the Group which, through the Intralot and Goldbet brands, thus strengthens its leading position in the betting and online gaming segment.
On May 21st, TCP Lux Eurinvest S.àr.l. completes the placement of n. 4,500,000 ordinary shares of Gamenet Group S.p.A., corresponding to 15% of the relevant share capital. The placement was carried out through an accelerated book building offering to institutional investors.
On July 30, 2019 TCP Lux Eurinvest S.à r.l. signed a contract (the "Agreement") for the sale of n. 8.6 million shares (equal to 28.67% of the share capital) of Gamenet Group S.p.A. to G Partecipazioni Srl, an Italian company set up specifically for the purpose of this transaction, which will be 50.1% owned by TCP Lux and 49.9% by the Chiarva group. The effectiveness of this agreement was conditional upon the transfer by TCP Lux to unrelated third parties of a 1.57% stake in Gamenet (which took place on 31 July 2019) while the subsequent transaction envisaged under the Agreement is expected to be completed in September 2019, once the other conditions precedent provided for in the Agreement, namely the execution of final financing agreements in relation to a portion of the purchase price, have been met.
On October 22, 2019 Gamma Bidco Srl, a company formed on behalf of funds managed by Apollo Management IX, L.P, enters into two separate share purchase agreements with TCP and Intralot to acquire a stake representing 48.67% of the issued share capital of the Company. As of December 31, 2019, Gamma Bidco holds, also following the purchase of additional shares, 66.98% of the Company's shares while the market holds 33.02%.
On July 24th, Gamenet Group S.p.A. anounces the signing of a contract for the acquisition of 100% of the share capital of GoldBet Srl, one of the major gaming and betting companies operating in Italy. The aquisition, successfully completed on October 9th, allows the Group to assume a leading position in Italy in the multi-concession gaming sector, particularly in the sports betting sector - thanks to the largest sports betting network in the country, with over 1,700 points of sale -, to acquire a significant presence in the online segment, to further diversify the business mix and to significantly improve the profitability.
On December 6, Gamenet Group made its debut on the STAR segment of the Mercato Telematico Azionario, organised and managed by Borsa Italiana S.p.A.
The IPO ended with the placement of 10.5 million shares (totalling 35% of the share capital, including the over-allotment option) at a price of 7.5 euros per share and an initial market capitalization equal to 225 million euros.
Trilantic Capital Partners and Intralot Group sign an agreement for the integration of Gamenet and Intralot Italia, thus establishing Gamenet Group.
The Group issues € 200 million senior secured notes at a price equivalent to the nominal value with coupons of 6.00%, aimed at refinancing the existing debt of one of the Group’s subsidiaries, Gamenet SpA. The offer is remarkably successful and is subscribed by more than 7 times the nominal value, allowing the company to price the bond at a historically low coupon.
Gamenet launches a structured downstream integration programme along the entire supply chain, in cooperation with its key partners. A part of this programme, which seeks to promote growth both organically and through acquisitions, is accelerating the development of the retail business, with particular reference to large-scale distribution formats and a high level of service, and entering into direct AWP management.
Intralot obtains ISO/IEC 27001 certification and World Lottery Association (WLA) Security Control Standard (SCS) certification after meeting and adhering to international regulatory standards for information security systems.
Trilantic Capital Partners increases its shareholding to 99.2% of share capital on a fully diluted basis and the CRIGA consortium withdraws from the shareholders. Gamenet takes its actual structure and starts a developing programme of its presence in the retail segment, strengthening its national network of directly operated gaming rooms.
Gamenet signs up to the new Newslot and VLT license, for a duration of nine years. A bond is issued in support of the growth and development of the Group. Gamenet adhered to the procedure to settle its dispute with the Corte dei Conti.
Intralot becomes the first operator in Italy to launch “Virtual Games” - bets on simulated events - at its points of sale.
Gamenet Entertainment Srl is established. Gamenet completes the roll-out process of VLT licence rights. Gamenet Scommesse wins new rights for virtual betting and for new betting shops, thus expanding its network.
Intralot Gaming Machines is established and, following the public tender issued by the Agenzia Dogane e Monopoli, is awarded a licence to activate and operate the AWP and VLT telematic network.
The shareholding structure of Gamenet brings in the new reference shareholder, the investment fund Trilantic Capital Partners, a private equity operator with interests in companies based in Europe and North America.
Gamenet acquires rights for installation and distribution on the Italian market of 7805 video lottery devices – or VLTs – and is the first licensee to offer two different gaming platforms (Spielo and Novomatic).
Intralot enters the new Italian VLT market.
Intralot Italia acquires 100% of the Italian Joint Venture company, William Hill Codere Italia S.r.l, (WHCI), to strengthen its position on the Italian betting market.
Both established in 2006, Gamenet SpA was given the AAMS licence for Public Gaming and Gamenet Scommesse SpA won the AAMS license for sporting and horse-racing betting, as well as for distance gaming.
Intralot Italia SpA is founded and obtains rights to open sports and horse betting shops and corners, as well as for telematic gaming.
The CRIGA consortium (Consorzio Rete Italia Gestori Automatico), established in 2003 by a group of operators in the gaming sector, becomes one of the 10 concessionaires authorised by the State Monopolies to manage the Newslot (AWP) telematic network.