In a story originally reported by El Mercurio and brought to our attention by LAVCA, US private equity firm Advent International has purchased a 32% share in Chilean casino Enjoy for US$120M to join the founding Martinez family in running the enterprise. The purchase was declared legally through the “Superintendencia de Valores y Seguros” in Chile, which showed that Advent now controls 1,507,769,059 shares of Enjoy at a price of US$48 per share.
This acquisition is 29.4% higher than the US$92.7M minimum that Enjoy required for any company looking to enter the firm. The remaining 829,730,951 shares were sold to other investors.
Enjoy S.A. is the leading game and resort operator in Chile and Uruguay, with ten casinos and hotels in Chile, Colombia, Argentina, and Uruguay. It will remain publicly traded, with a substantial share still belonging to the Martinez family.
Advent has been operating in Latin America for 20 years and has completed 55 investments in the region, operating with the largest dedicated regional team in the industry.
Read more about the investment: