Cherry Adds To Restaurant Casino Assets
By Brian Cullingworth, Last updated Sep 23, 2016
Gambling group will take over Betman AB next month
Online and land gambling group Cherry AB has announced the addition to its restaurant casino assets of Betman AB with effect from October 1 2016.
The agreement encompasses the acquisition of Betman's casino agreements, casino staff and equipment and involved Betman's 15 Swedish venues in Stockholm, Sälen and Visby.
The acquisition is expected to contribute SEK 11 million in revenue and a positive EBITDA of SEK 2 million. The purchase price, which includes the maximum additional purchase price, amounts to SEK 3.9 million, and the deal is expected to generate ROI in less than two years.
The consideration is to be paid as SEK 2.3 million in cash on acquisition and the additional purchase price during Q3-2017.
Cherry's market share of restaurant casino after the acquisition will be approximately 68 percent of the active gaming venues, according to 2016 September statistics from the Swedish Lotteries and Gaming Authority.
Fredrik Burvall, CEO Cherry AB said in a statement announcing the deal Monday:
"The acquisition of Betman means that we further solidify our leadership position in the restaurant casino market. It further strengthens our position in Stockholm, Sälen and Visby and adds qualified personnel, while we can use our scale advantage to help the venues perform even better."
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Infopowa news was a staple of Casinomeister’s news from 2000 until 2019. Brian Cullingworth was the main writer, contributor, and was one of the most knowledgeable persons I have ever known involved in the online casino industry.
We first met in January 2001 at the ICE in London where I observed him going booth to booth interviewing online casino, software, and licensing jurisdiction representatives. Brian was also heavily involved with our forum as “Jetset“, he was involved as an informal consultant to eCOGRA, the OPA, and was a player advocate who assisted countless aggrieved players with his connections to industry folks. He also published “Casino Cautions” via Infopowa news for quite a number of years. These can be found in our news archives.
His passing in February 2019 was a dark day for us. He will be forever missed.
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