Popular online casino operator Mr Green has just agreed the purchase of Evoke Gaming, which runs well-kmown sites such as Redbet and Vinnarum Casinos, as well as Bertil and MammaMia Bingo. Using KPMG, Vinge and WH Partners as advisers, Mr Green is looking to complete the deal by the end of March 2018.
Some Financial Details Of The Acquistion
This will be a cash purchase of around €7 million, although a conditional €1.5 million more may be paid, and it means that Mr Green will aquire all shares in the company from the current owners, Bonnier Growth Media. It's expected that cost savings of around €2.5 to €3.5 million per year will be achieved through synergies between Mr Green and Evoke Gaming, and while this will have a slight impact on the 2018 cash flow predictions for Mr Green, it will have a positive impact from 2019 and beyond.
About Evoke Gaming
Based in Malta, Evoke Gaming currently has 82 employees, and in 2016 had a gross revenue of €15.5 million, with profits before taxes and interest of around €4.5 million. This dropped somewhat in 2017 due to a move to new operating platforms and a restructuring programme, but these changes are expected to be completed before Mr Green takes full control.
Redbet is a popular sports, casino and Poker provider in the UK and Sweden, while Vinnarum Casino has a good position in the Nordic markets and the Bertil and MammaMia Bingo brands are also focused on Sweden. All the brands will be retained and Mr Green has ambitions to expand them, both within the existing markets and in the case of RedBet, globally.
About Mr Green
Established in 2007, and based in Malta, with technical services provided from a base in Stockholm, Mr Green & Co has quickly become a major player in the online gambling market, primarily through the online casino that bears the name. Around 182 people work for the company across the two centres. In recent years, they have expanded into sports betting and have won numerous major awards, including the EGR Casino Brand of the year in 2014 and 2015
Evoke Gaming is an ideal fit for our business plan and strategy. We are pursuing our strategy of nurturing a small number of strong brands that can work globally. With Redbet and Mr Green, we have two immensely strong brands addressing different segmentsPer Norman, CEO of Mr Green & Co