Arcade game distributor Player One Amusement Group (P1AG), has announced that the acquisition of P1AG by private equity firm, OpenGate Capital from Cineplex, has been completed.
OpenGate acquired all issued and outstanding common shares of P1AG for a total purchase price of $155m in cash, subject to customary post-closing adjustments.
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 said they plan to create best-in-class experiential entertainment for consumers that drives superior location profitability for customers. 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 and general manager, P1AG. “I am very excited for our future.”
