Trilantic's Gamenet files for IPO in Milan

The company aims to list on Mercato Telematico Azionario (MTA), part of the Milan stock exchange. Private equity backer Trilantic Europe owns a 79% stake in the business, while Intralot Italia Holding has a 20% holding and high-net-worth individual Stefano Francolini holds the remaining 0.9% stake. The IPO is subject to the approval of Italian authorities.

Trilantic initially purchased an 80% stake in Gamenet for €50m in November 2010, with an estimated enterprise value of €200m. In 2013, Gamenet listed a €200m note on the Italian ExtraMot Pro market with a fixed 7.25% interest rate, due to mature in August 2018. In 2014, the GP increased its shareholding to 99.2%.

Subsequently, the company acquired a 51% stake in Billions Italia and six months later fully purchased Gnetwork in March 2015. In June 2016, the business merged with the Italian-based activities of Greek listed gaming market operator Intralot Group. The deal saw Intralot acquire a 20% stake in the merged group. In the same month, the group acquired a 70% stake in Jolly Videogiochi and a 51% holding in New Matic.

In July 2016, Banca IMI and Unicredit arranged a €30m revolving credit facility for the business. Gamenet went on to purchase a 60% stake in Agesoft, a software developer for amusement and entertainment devices, and fully acquired Gamecity, a Lucca-based slot halls manager.

In August 2016, the business refinanced its debt with €200m worth of high-yield, non-convertible and non-subordinate, senior secured five-year bonds with a 6% coupon and due to mature in 2021. The note was listed on the Euro MTF market.

Founded in 2016, Gamenet is a betting and gambling group, comprising video lottery, amusement-with-prize, gaming halls and online betting. Currently, it manages 67 gaming halls and has a presence in 660 halls. According to public documents, the business posted €537.4m in revenues, €70.2m in EBITDA and €158.3m in net debt in 2016. It currently employs 550 people.

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• Topics
• Exits
• Consumer
• Southern Europe
• IPO
• Italy
• Trilantic Capital Partners (previously LBMB)