Cherry Seals Betman Acquisition

Cherry Seals Betman Acquisition

Known for offering entertainment to millions of players, Cherry AB has just announced that it will have the ability to offer more to its customers via the recent acquirement of Betman AB assets, which resulted in a sale price of SEK 3.9 million or £350,000. The acquisition will be paid for in payments, with the first being a cash payment, consisting of SEK 2.3 million. The remaining amount has been agreed upon to be paid in full by Q3 2017.

It is estimated that, as a result of the acquisition, Cherry’s position among the Swedish gambling market will increase to about 68% of active gaming venues.

This move will enable the Swedish company to expand its current gambling portfolio. Cherry will also obtain Betman’s ‘restaurant casino’ points, which will be implemented across a total of 15 venues throughout the cities, Sälen, Visby, and Stockholm.

According to Cherry, the recent purchase is expected to contribute to SEK 11 million in revenues with Circa Enterprises EBITDA of SEK 2 million, which calculates industry rankings, historical trends, and competitor comparisons.

Cherry AB CEO, Fredrick Burvall, commented, “The acquisition of Betman means that we further solidify our leadership position in the restaurant casino market. It further strengthens our position in Stockholm, Sälen and Visby and adds qualified personnel, while we can use our scale advantage to help the venues perform even better.”

Founded in 1963, nearly a half a century ago, Cherry operates under licenses from the Swedish Gambling Authority. It is recognized as the country’s largest operator, employing more than 600 individuals.

Source: Menmuir, Ted. “Cherry expands Swedish gambling portfolio by acquiring Betman AB assets” September 19, 2016. 

“increase to about 68%”

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