Distributed gaming operator Accel Entertainment, Inc. announced the completion of its previously announced transaction to acquire Century Gaming, Inc., one of the other leading distributed gaming operators in the U.S., for $164.2 million in cash and stock, including Century’s working capital.
“We could not be more excited to further expand our operations in the western United States with the Century team” said Accel CEO Andy Rubenstein. “We are confident that Century’s leadership team of Steve, Heidi and Merle is the perfect partner to guide us into this attractive market and capture new growth.
“Together we look forward to continue seeking innovative opportunities to expand our hyper-local business model into new markets across the country.”
Century brings to Accel more than 8,300 gaming terminals and over 900 licensed locations across Montana and Nevada, including bars, taverns, truck stops and convenience store groups in both markets. With the closing of this transaction, Accel also adds design and manufacturing operations to its portfolio through Grand Vision Gaming (GVG) as well as Century’s proprietary “i-Rewards” and “Gamblers Bonus” rewards programs.
Century’s executive team, including CEO Steve Arntzen, CFO Heidi Schmalz and GVG Managing Director Merle Frank, will continue to lead Century through its next chapter as part of the Accel family.
Steve Arntzen, CEO of Century commented, “In Accel, we have found an ideal strategic partner and together we are uniquely positioned to accelerate our growth trajectory as we deliver the latest technological advancements to the gaming market. I am proud to continue to lead our dynamic team and build upon our strong momentum under the Accel banner as we provide our operators and players with attractive locations, the highest-quality products and world-class support for which we are known.”
Macquarie Securities gaming analyst Chad Beynon said the $164.2 million closing price for Century, Nevada’s second-largest slot machine route operator and the largest in Montana, was a solid investment.
“This acquisition helps diversify Accel’s revenues (and cash flow) into new markets, where there are more (mergers and acquisitions) opportunities,” Beynon told investors in a research note the day after the transaction was completed.
