STOCKBRIDGE, Ga., July 12, 2019 /PRNewswire/ -- United Gaming, LLC ("the company" or "UG") today announced that it has entered into a new $75 million senior secured asset-based credit facility (the "Credit Facility") with Boston-based Summit Partners ("Summit") acting as the single lender. The Credit Facility includes multiple draw options to facilitate the company's plans for future expansion.
"This facility was thoughtfully designed to fit our company's needs as we execute on our vision to transform UG into a growth company," said Bunty Doshi, CEO of UG. "This asset-based loan structure will provide us with maximum flexibility to invest in coin operated amusement machine ("COAM") routes, an approach that we believe will serve to strengthen the business on many fronts."
Founded in 2009, United Gaming is one of the largest private sector Class B Master Licensees of COAMs in the state of Georgia. The company recently acquired the assets of four Class B routes including Georgia Atlanta Amusements, LLC; Amusements Stop, LLC; Amusements Pro, LLC and Liberty Vending Co., LLC. With the completion of these acquisitions and the benefit of additional pipeline growth, UG expects to nearly double the size of its operations.
The Georgia COAM industry is a highly fragmented end market with few players of meaningful scale. UG plans to allocate resources to identify and execute additional acquisitions, with the goal of adding scale, improving service and further consolidating the state's high-yield COAM industry.
Imperial Capital, Arbitrage Capital and Bennett Thrasher advised United Gaming in negotiating terms of the credit facility. Rajiv Khanna and Robert Glentzer of Buchanan, Ingersoll and Rooney, Menden Frieman, and long-time counsel Paul Oeland served as legal counsel for the company.
SOURCE United Gaming