Opportunity to Acquire a Leading Location-Based Entertainment Social Gaming Technology Platform - Project Ocean

PROJECT OCEAN - December 2024

An opportunity to acquire a leading location-based entertainment social gaming technology platform, with 32 sites globally and a strong venue pipeline. Our Client have been mandated by the Administrators to secure expressions of interest in acquiring the business as a going concern out of Administration. In addition to the acquisition price, the business is likely to require $5m to $10m of growth capital post-acquisition to fund working capital and to invest in scaling the business.

Overview

Our Client has been appointed by the Administrators to run an Accelerated M&A process to seek a buyer for the business and assets out of Administration, whilst they trade the business as a going concern

Given a limited cash runway, the deadline for indicative offers is 5pm on 20th December 2024 with completion targeted for as early as possible in January 2025.

The Company opened its first location in 2019 and now supports 32 sites globally. 

The Company delivered $15.6m of revenue and $3.9m of venue-level contribution in FY24, with owner operated (“OO”) venues achieving market leading 4-wall margins of 50-70%.  

In addition to its OO venues, the Company franchises venues and operates rooms at third-party concession locations. Games on offer last between 30-60 minutes, with a price point of between $28-$42 per person.

We expect that interested parties will need to provide evidence of proof of funding in excess of $20m

Key Highlights
The Company has benefitted from more than $60.5m of VC funds invested to date, with shareholders who have a combined AUM of over $900Bn.

The Company is yet to become EBITDA-positive in its short history since 2019,   but it is in the scaling and growth stage of development and has vast potential to become the leading global social gaming technology platform

The Company has a robust content pipeline built by its in-house game studio under licensing arrangements with top tier studios as well as proprietary and third-party developer creations. New game titles make the experience highly repeatable and enable economies of scale.

The Company have forecast that they will reach profitability during FY26F and then scale significantly thereafter.

Please Download the Notice of Sale for further information

For Further Information
Further information is available upon completion of a Non-Disclosure Agreement (NDA) which will permit access to a comprehensive Information Memorandum.

Enquiries should be directed In the first Instance to Kevin McAndrew who will forward the enquiry on to our client :  

E: [email protected]