Blackstone acquires Cirsa

The GP bought the company's operations in Spain, Italy and Latin America, with the exception of the Argentinean business, which will continue to exist as a separate entity managed by Lao Hernandez.

The fresh capital will be used to support the company's growth, both organically and through new acquisitions, and to bolster its expansion into new geographies.

Cirsa CEO Joaquim Agut, who joined the business in 2006, will continue to lead the company as chairman and CEO.

Blackstone deployed capital from its fund Blackstone Capital Partners VII to finance the acquisition, Unquote understands. The vehicle, launched in October 2014, held its final close in December 2015 on $18bn, exceeding its initial target.

Company
Founded in 1978 and headquartered in Terrassa, near Barcelona, Cirsa is a gaming company that operates casinos, arcades, bingo halls and slot machines for restaurants and bars. The business has a presence in 10 countries worldwide, including Spain, Italy, Panama, Colombia and Mexico, and operates 155 casinos, 178 arcades, 75,000 slot machines, 70 bingo halls, and 2,000 betting points.

The company employs 18,000 people and in 2017 recorded EBIT of €427m, up 7.2% on 2016, from revenues of €1.7bn.

People
Blackstone – Lionel Assant (head of European private equity).
Cirsa – Joaquim Agut (CEO).

Advisers
Acquirer – Rothschild (corporate finance).
Vendor – Lazard (financial due diligence).

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