Private equity firm OpenGate Capital has purchased Player One Amusement Group from Cineplex, they announced on Feb. 2. The companies report that OpenGate acquired all issued and outstanding common shares of P1AG for a total purchase price of $155 million in cash, subject to customary post-closing adjustments.
As part of the transaction, Cineplex and Player One entered into a long-term agreement where Player One will continue to supply and service amusement games in Cineplex’s theatres and location-based entertainment venues.
“The acquisition by OpenGate Capital presents a tremendous opportunity for P1AG to expand our business across various sectors while also enhancing our capabilities and core services,” said John Kolliniatis, Player One’s senior vice president and general manager. “I am very excited for our future.”
Added Andrew Nikou, OpenGate Capital’s founder and managing partner: “The acquisition of Player One Amusement Group underscores our experience and expertise with corporate carve-outs. We look forward to partnering with the team at P1AG as the business embarks on its next chapter of growth.”
Part of the press release also noted that OpenGate is “making strategic investments in the company’s people, infrastructure, deployable assets and systems to enable P1AG to better serve existing and new customers.”