Beach Point Capital provides funding for Saphalata’s 888 bingo acquisition

The sale of 888’s B2C and B2B bingo businesses to Saphalata was completed in July 2022, in a deal valued at a total of $45.2m, with $43.2m payable upon completion and the remaining $2m to be paid unconditionally within one year.

Beach Point Capital Head of Private Credit Michael Haynes said:  "The online betting and gaming sector is a fast-growing industry where Beach Point has deep expertise, and we were pleased to be able to couple that knowledge with our private credit structuring capabilities to partner with Broadway Gaming Group on this strategic transaction."

The UK-based bingo business generated a total of $25m in revenue in H1 2022 and approximately $54m over the past 12 months.

Broadway CEO David Butler said: "We are thrilled to be acquiring this business as we expand our presence in the vibrant UK market and appreciate the thoughtfulness and agility with which the team at Beach Point was able to work with us to develop this bespoke financing facility to enable us to execute our strategic vision."

In June 2022, 888 published a trading update and financial details for the 12 months to February 2022. The company reported revenue of £690m ($840.8m) for 12 months ending 28 February 2022, with adjusted EBITDA totalling £109m.

The company went on to note the positive impact of retail venues reopening after pandemic-related closures and strong performances across a range of regulated territories.