PCS2 and PCS3 act as sole lenders in a follow-on investment to Napoleon Games

7th December 2017

Permira Debt Managers (“PDM”) announces that direct lending funds Permira Credit Solutions II (“PCS2”) and Permira Credit Solutions III (“PCS3”) have committed to provide additional capital to Napoleon Games. This follow-on investment (with PCS2 an existing lender) was used in part to refinance debt held by third party investors. The PCS funds are now the sole lenders. The deal was originated through a strong relationship with the sponsor, Waterland, given PDM’s prior investment in the company.

Established in 1950, Napoleon Games is a leading gaming operator in Belgium. The company operates across all segments of the gaming market, including casinos, arcade outlets and online and virtual gaming.

The capital provided will allow Napoleon to simplify its financing structure, moving from working with two lenders to just the PCS funds, and to continue its growth strategy in both its online and offline businesses.