Consumer & Retail

Napoleon Games

Napoleon Games is the leading B2C gaming operator in Belgium with number 1 online market position

October 2015
Investment Date
Belgium
Country

Business Overview

  • Strong Belgium brand which has been in the arcade games market since the 1950’s
  • The group is primarily known for its successful online platform in the recently legalized online gaming market in Belgium

 

Investment Thesis

  • Strong brand awareness: established in 1950, Napoleon is the leading local casino/gaming business in Belgium
  • High barriers to entry: strict regulation, including limited available licenses, provides advantage to established brands
  • Attractive growth market: significant growth at 10%+ CAGR expected during 2015-2018 as market matures, particularly for online channel

 

Origination

  • Direct origination due to good relationship with Sponsor
  • Well-respected sponsor: Waterland Private Equity has an outstanding track record and significant experience in the sector
  • Significant equity cushion

www.napoleongames.be