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Genesis Capital leads investor group in €15mln private placement

Genesis Capital Partners, the investment manager with investments in Australia, South Africa, the USA and the UK, has led a €15 million private placement transaction for shares in Pefaco International, a Malta Stock Exchange-quoted company in the Leisure and Gaming industry in West Africa. The offering was priced at €2.23 per share, valuing Pefaco at €50 million and giving Genesis a 30% stake in the company.

The capital will be used to finance the company’s expansion into new markets. Pefaco installs and operates slot machines in gaming halls and bars in Africa under the Lydia Ludic trademark and is active in almost 90 cities in 6 countries, Benin, Burkina Faso, Côte d’Ivoire, Niger, Rwanda and Togo through a network of 280 gaming halls and 350 partner bars. The company posted turnover of €43 million in 2014 and has plans to double its fleet of slot machines within 5 years.

Commenting on the investment, Greg Kinross, a Partner at Genesis said; “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.”

Global Leisure Partners and Africa Capital Investments acted as Pefaco International’s financial consultants on the transaction while Ganado Advocates and Memory Crystal acted as the company’s legal advisors. Werksmans Attorneys acted for Genesis Capital on the transaction and Calamatta Cushieri acted as sponsor.

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