Apollo Global Management has acquired Gamenet, a leading Italian gaming operator, following a period of significant growth and transformation under Trilantic Europe, marking a strategic investment in a promising market.

Target Information

Gamenet has successfully transformed and diversified its operations within the highly regulated gaming market in Italy since 2014. Under the leadership of a new CEO with considerable experience in the sector, Gamenet adopted a growth strategy focused on expanding its portfolio of directly-owned gaming halls, including medium and large formats. The company's entry into the direct management of amusement with prizes (AWP) and an increased presence in the betting sector have marked significant milestones, particularly through strategic acquisitions of Intralot and Goldbet's Italian operations.

These acquisitions were facilitated by Trilantic Europe, which provided essential M&A expertise and engaged in negotiations with the sellers to ensure successful transactions. Since the entry of Trilantic Europe, Gamenet's EBITDA has surged from €14 million in 2010 to €158 million as of June 2019, reflecting a remarkable compound annual growth rate (CAGR) of 33%. This transformation has not only emphasized organic growth but also leveraged M&A opportunities, expanding the workforce from 73 to 726 employees within a span of nine years, thus solidifying Gamenet's position as the third-largest gaming operator in Italy.

Industry Overview in Italy

The Italian gaming industry has undergone significant changes over the past decade, characterized by stringent regulation and a complex legal framework designed to mitigate illegal gambling practices and promote transpa