Z Capital Partners Will Add To Their Existing 41% To Take The Full 100
The Nevada based casino operator Affinity Gaming has announced the sale of a 59% stake of their business to the private equity firm Z Capital Partners, in a deal which is said to be in the region of US$580 million dollars.
Z Capital Partners, who are attached to the investment fund Z Capital Group, currently owns a 41 % stake in Affinity Gaming and this final purchase will see them take the remaining 59% of the business at a cost of US$17.35 per share.
The financial transaction is expected to take place in the first quarter of 2017 and it will be subject to approval from Affinity Gaming shareholders, as well as from the appropriate gaming regulators in the four U.S. states – Colorado, Iowa, Nevada and Missouri – in which Affinity Gaming is licensed and currently operates.
Comment From Z Capital Partners
Upon the announcement of the sale Mr James Zenni, who acts in the role of President and Chief Executive Officer of Z Capital (as well as being on Affinity Gaming’s Board of Directors since 2014) said that the private equity firm was pleased to make a purchase of the final 59% stake of the casino operator, and that as a now controlling shareholder Z Capital Partners expects to be able to grow the Affinity Gaming business well into the future.
Comment From Z Capital’s Advisory Committee
Mr David Reganato, who is the Chairman of an advisory committee that was set up by Z Capital Partners to monitor the stake purchase and advise the company’s shareholders accordingly, described the purchasing process as comprehensive, and noted that he believed a sound business decision had been made which will also delivers value to Affinity Gaming’s existing shareholders.