LAS VEGAS, Jan. 19, 2017 /PRNewswire/ -- PDS Gaming Corporation ("PDS" or the "Company"), a worldwide provider of gaming equipment and financing solutions, today announced that an affiliate of Northlight Financial LLC ("Northlight"), a New York investment manager, had acquired 100% of PDS. The acquisition follows regulatory approvals of the transaction required by various state and tribal gaming licensing agencies and follows a previously announced $150 million credit facility provided to the Company by another Northlight affiliate in 2015. Terms of the acquisition transaction were not disclosed.
PDS is one of the leading providers of customized financing of gaming equipment and services in the US and abroad with a 30 year operating history and vendor licenses in 30 jurisdictions. The Company offers a full suite of financing solutions to its customers, which include hotel, resort and casino operators, route operators, manufacturers and distributors.
"We are excited to begin a new chapter of growth for PDS under the Northlight umbrella," said Johan Finley, the Company's Chief Executive Officer. "With Northlight's financial sponsorship we are confident we will build upon our industry-leading expertise and expand the financing solutions we provide to our customers and partners around the world," he added.
The Company will continue to be led by Mr. Finley and Peter Cleary, its President and CFO. Current management will remain intact. Joining the CEO and President on a newly formed Board will be Mike Jahrmarkt, Northlight's Chairman, Bob Woods, its Chief Investment officer and Penn Wyrough, Principal of GSI Management USA, LLC.
"Investing in a business we have been financing since the late 1990's was a natural for us," said Mike Jahrmarkt. "It reflects the confidence we have in the PDS management team and our belief in the strength of the gaming market and PDS's potential to capture greater market share," he added.
"PDS has a valuable business with an installed base of gaming equipment and hundreds of relationships characterized by a stellar industry reputation," said Bob Woods. "Our Northlight team has had a more than three decade history extending credit to middle market companies. The acquisition of a company like PDS is the perfect complement to our internal direct lending activities," he added.
PDS Gaming Contact
Founded in Minneapolis in 1988 by Johan Finley, PDS Gaming traces its roots to early days of fleet vehicle lease portfolio acquisition in the industry. In the early 1990's PDS transformed itself into one of the leading providers of innovative financing solutions and a lessor of slot machine equipment. Headquartered in Las Vegas, PDS has deployed nearly $1.3 billion in capital. With a current roster of over 300 customers and clients, PDS has over the years operated in 81 regulated jurisdictions, 26 US States and 15 countries.
Northlight was founded in 2002 by Mike Jahrmarkt and partners, Bob Woods and Mark Hirschhorn and, together with partner Chris Jahrmarkt, is an investor that manages corporate loans, real estate loans and REO properties.
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SOURCE PDS Gaming Corporation