PEFACO receives substantial investment
Pefaco International (PFC:GR) (the “Company”), West Africa's leader in the Leisure & Gaming industry, announces that it has completed an EUR15 million privately placed share issue to a group of international institutional investors led by Genesis PFC, an indirect subsidiary of South African investment group Genesis Capital Partners (Pty) Ltd (“Genesis Investors”) at an average price of 2.23 euros per share valuing the Company at 50 million euros. Genesis Investors will own a 30% shareholding in the Company.
The proceeds of the capital increase will be used to fund expansion in new markets. The founding shareholders, Grupo Pefaco SL, have also committed to providing additional capital to the business over the forthcoming years to drive growth.
Commenting on the investment, Francis Perez, CEO of Pefaco International, stated:
"We are very proud of Pefaco International’ssuccessful new share issue. This capital increase enables us to accelerate our development and to play a leading role in the expansion of the African economies, the future driving force for world growth.Since first meeting the institutional investors, represented by Genesis Capital Partners’ Greg Kinross and David Shimkins, I have been convinced that they are the optimal partners for us. They have experience growing businesses such as Pefaco International and have relationships in both Africa and the gaming market. We very much look forward to working with them. Finally, I want to thank the company’s employees, in Africa and elsewhere in the world, who contribute to enhance Pefaco International’s reputation every day.”
Commenting on the investment, Greg Kinross, stated:
“We are very excited to be partnering with Francis Perez and Olivier Cauro, the founders of Pefaco International, in their strategy to grow the business through organic growth in new countries as well as through strategic acquisitions. Francis Perez and Olivier Cauro are highly experienced and talented gaming entrepreneurs who we feel very confident to support in entering a new and exciting growth phase for Pefaco International.”
Commenting on the investment, David Bains, Managing Director at Global Leisure Partners, stated:
“We are delighted to have worked with Pefaco and Genesis on this transaction. Genesis is a leading Private Equity firm and we see their involvement further bolstering what is already the leading business in the African region.”
Securitieslisted on the Malta Stock Exchange are (through an access link with Clearstream Banking Frankfurt) freely negotiable on exchange platforms worldwide (Euronext, New York Stock Exchange, West Africa's regional stock exchange etc.) and are therefore available to all investors.
Financial and Legal Intermediaries
Global Leisure Partners LLP and Africa Capital Investments LLP acted as the Company's financial consultants on the transaction.
Ganado Advocates and Memery Crystal LLP acted as the Company’s legal consultants on the transaction.
About Pefaco International PLC
Pefaco International installs and operates slot machines in gaming halls and bars in Africa under its trademark Lydia Ludic. Active in almost 90 cities and 6 countries (Benin, Burkina Faso, Ivory Coast, Niger, Rwanda and Togo), the company has more than 280 gaming halls and 350 partner bars. Pefaco International has 2,700 employees and had a turnover of 43 million euros in 2014. In order to double the fleet of slot machines within 5 years (from 5,000 in 2015 to 10,000 in 2020), the company's strategy is based on rapid expansion by launching operations in new countries, acquiring new licenses and mergers and acquisitions. Pefaco International is quoted on the Malta Stock Exchange under the symbol codePFC. www.pefacointernational.com
About Genesis Capital Partners
Genesis Capital Partners is a South African based, management owned investment holding company with investments in the United States, Australia, the United Kingdom andSouthern Africa. It has a diverse portfolio with interests in, inter alia, the following sectors: properties, industrial, FMGC, education, media and financial services. http://www.genesiscapital.co.za/
Global Leisure Partners
Tel.: 0207 016 8065
Certain statements, beliefs and opinions in this press release are forward-looking, which reflect the current expectations and projections about future events of the Company and, as applicable, the other persons mentioned herein. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described. A multitude of factors including, but not limited to, changes in demand, competition and technology, can cause actual events, performance or results to differ significantly from any anticipated development. In particular, the Company draws attention to the macro-economic risks surrounding the Company's activity. The realisation of one or several of these risks is likely to have a significant adverse effect on the assets, the financial situation, the results or the prospects of the Company and its subsidiaries, as well as the Company's share price
The Company undertakes no intention or obligation to update or revise any forward-looking statements in this press release, whether as of a result of new information, future events or otherwise. Neither the Company nor its advisers or representatives nor any of its subsidiary undertakings or any such person’s officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does either accept any responsibility for the future accuracy of the forward-looking statements contained in this press release or the actual occurrence of the forecasted developments. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made.
This press release relates to a private placement of the Company’s shares with the small number of investors specified herein. No shares were or will be offered to the public by the Company or any of its shareholders and no prospectus or other offering document was issued in connection with this private placement. The information provided in this press release is being provided solely for informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Similarly any views or opinions expressed on this press release are not intended and should not be construed as being investment, tax or legal advice or recommendations. Investment advice should always be based on the particular circumstances of the person to whom it is directed, which circumstances have not been taken into consideration by the persons expressing the views or opinions appearing in this press release. You should always seek professional investment advice in connection with, or independently research and verify, any information that you find or views or opinions which you read in this and other press releases by the Company and wish to rely upon, whether for the purpose of making an investment decision or otherwise.