US investment fund Blackstone acquires Spanish Cirsa

Cirsa's businesses in Argentina are not part of the sale and will continue to be managed by Manuel Lao separately.

Based in Terrassa, Spain, Cirsa is a gaming operator, with bingo halls, casinos, arcades, and slot machines in more than 70 countries. It reported an EBTIDA of about $500M in 2016. Joaquim Agut, CEO of CIRSA since 2006, will also assume the chairmanship of the Group. Since he took office, he has transformed CIRSA and, among its achievements, it stands out that he has tripled the size of the company, substantially diversifying its game offer and international presence.

Lionel Assant, Head of Private Equity at Blackstone for Europe, commented: "We are delighted to make this investment. Joaquim and his team have achieved profitable and outstanding growth over the past 12 years, making CIRSA a leading international operator in gaming and leisure. We are excited to support Joaquim and his strategy in this new stage as well as the expansion of CIRSA both at an organic level and through acquisitions and in new geographical areas. "

For his part, Manuel Lao Hernández has shown his "sincerest gratitude to all those with whom I have had the pleasure of working during the last 40 years. With their support, passion and talent, CIRSA has become the leading company it is today. With the enthusiasm and ambition of Blackstone, I am confident that CIRSA will achieve great success in the future. "

Finally, Joaquim Agut has highlighted on behalf of the Board of Directors "Thanks to Mr. Manuel Lao for his total dedication since he founded CIRSA 40 years ago. Mr. Lao has been key in the expansion of the company, which has earned him the utmost respect from both the Board and the entire industry. The company would not be where it is today without its strategic direction and exceptional leadership."

"We are very pleased to have Blackstone as our new partner, since it shares our ambition to accelerate growth in key markets as well as the continuous improvement of our service offering and quality. Blackstone has a long history of supporting companies to achieve their goals. I hope to start this new phase in the company's history. "

Cirsa's operating income increased by 6.4% to 1,7 billion and the company also achieved an operating profit of 427 million euros in 2017, a 7.2% increase.

In the last year, The company has incorporated 25 new casinos in Latin America (17 in Peru, 3 in Panama, 2 in Colombia, 2 in Mexico and one in Costa Rica), acquired 75% of the machine operator of Barcelona Miky and incorporated five new gaming halls in Spain, among other operations.