Düsseldorf, 17 October 2006 – Waterland announced today that it acquired a majority stake in Löwen Play, Germany’s second largest gaming arcade operator. The new acquisition will serve as a platform for an accelerated growth strategy.
Löwen Play operates over 4.000 gaming machines in over 170 arcades as well as a limited number of gaming machines in restaurants and pubs across Germany.
Since its start around 1970 Löwen Play has grown steadily both organically and through acquisitions developing into today’s second largest gaming arcade operator in Germany with a nation-wide network of arcades. Sector analysts consider Löwen Play’s systems and organization as one of the most sophisticated in the market.
Waterland and Löwen Play’s management acquired a majority stake in Löwen Play. Dr Kai Lahmann, Principal of Waterland in Germany commented: “the German gaming market is still a highly fragmented and is bound to consolidate in the coming years. Löwen Play is the second largest arcade operator in Germany and has a proven track record and an experienced management team.. We see a range of opportunities for Löwen Play to grow organically and through acquisitions.” Löwen Play’s management and Waterland have already identified a number of potential add-ons in the market.
Löwen Play will also benefit from the experience of Waterland’s acquisition of the gaming arcade market leader JVH Gaming in The Netherlands earlier this year. Kai Lahmann added: “Waterland’s geographical and sector focus enables us to leverage sector expertise across borders”.
Waterland made the acquisition in Löwen Play through its third fund, WPEF III, which closed in April 2006 at € 400 million.