L&W has entered into a definitive agreement to acquire the charitable gaming assets of Grover Gaming and G2 Gaming for total consideration of $850m cash. The deal also includes a four-year revenue based earn-out of up to $200m cash.
Privately owned by Garrett Blackwelder, Grover Charitable Gaming has an installed base of over 10,000 leased electronic pull-tab units across five US states. Founded in 2013, Grover operates in North Dakota, Virginia, Kentucky, New Hampshire and Ohio.
For the year ended December 31, 2024, on an unaudited and preliminary basis, Grover Charitable Gaming generated revenue of $135m and adjusted EBITDA of $111m.
The transaction is due to close during the second quarter of 2025, with a combination of Grover Gaming and L&W employees to run the expanded group following its completion.
“Grover Gaming is a leading player in charitable gaming, a category that has experienced significant growth in recent years,” said Matt Wilson, president and chief executive of L&W. “This transaction complements our position as the leading cross-platform global games company by adding another compelling regulated adjacency to our profile.”
L&W said that Grover has a leading position in the fast-growing charitable gaming space and a best-in-class supplier in every state it operates across. It also told investors that the transaction complements its cross-platform strategy, by expanding into another high-growth, regulated adjacency in which L&W is not currently a participant.
L&W added: “Grover Charitable Gaming has developed long-standing and persistent relationships with charitable customers in the states that it operates, underpinned by a dedicated local team of service technicians and relationship managers.”
