The investment fund Novalpina Capital has bought MaxBet Romania, which runs a chain of over 100 land-based slot venues.
Romania.- The London-based investment fund Novalpina Capital has announced that it has acquired the gaming group MaxBet Romania.
According to the Romanian newspaper Ziarul Financiar, the price agreed for the sale is close to €250m.
Founded in 2002, MaxBet has both online and offline gambling operations, and a presence in Romania, Italy, Croatia, Bosnia and Belarus. It is best known for its chain of gaming halls in Romania, which has 117 slot machine venues in 15 cities, including 67 in the Romanian capital Bucharest.
It claims to have a 7.5 per cent market share in the Romanian gambling sector. It reported annual turnover of €130m in 2019 and €100m in 2020, due to the impact of the Covid-19 pandemic.
With around 1,400 employees, the group is a founding member of the Romanian association Romslot. In June 2020, it became a member of the Chamber of Commerce and Industry in Bucharest. The group’s international division includes LED Italia SRL and MaxBet Belarus LTD.
Novalpina Capital is an investment fund with interests in healthcare, B2B, software and gambling. Its investment in MaxBet is expected to allow the group to expand both its retail and online presence.
Ioana Bazavan, general manager of MaxBet Romania, said: “We want to innovate, to expand both geographically and digitally.
“This transaction coincides with new investments that allow us to continue to grow. Belonging to such a strong group means strategic support and capital. Investments will not be limited to opening up new locations, but also to create added value by improving the customer experience in MaxBet gaming halls and employee specialisation.
“We are talking about substantial investments to develop a company in a sustainable and responsible way. We will continue to be careful and invest in success programs developed by the Responsible Gaming Association, focusing on education and gambling addiction prevention.”