LanCapital Funds Entersoft Online Casino Management Buyout
January 22 2004–The Directors of Entersoft, with the assistance of Ernst Young, and LanCapital, are delighted to announce the completion of their buyout of the online casino and sports betting company from outside investors.
The current Management team and the Group’s new Chairman, Mr Paul Schnieder, have completed a £15 million MBI/MBO of both Entersoft Systems Ltd and Entersoft Solutions Ltd from a group of predominantly Belgian investors to form the combined Entersoft Group with effect from Wednesday 13th November 2003.
“There are many online casinos for sale and online casino investments, but none of the online casinos for sale we looked at could compare with the group of online casinos we’d actually created ourselves over the past six years,” said Mr Schneider.
Established in 1997, Entersoft attracted significant support from prominent European investors, including the famed Luen family of Belgium, in 1988. Entersoft since then delivered consistent sales and earnings growth.
“No shareholder has been delivered less than 100% on their investment in the Entersoft Group, which we are particularly proud of,” said Mr Schneider.
Entersoft, with operations in Malta, Antigua and Costa Rica is one of the leading online leisure providers in the world, with a call center expertise in online casinos unrivalled in the world. The company currently holds in excess of 10% of the UK market share, and is particularly prominent in competitive Asian and sub-continental markets.
Management changes within the existing team will see Clark Ngai assume the role of Sales Director with responsibility for both the UK and Latin American markets. Tony Jacobs moves to become Business Development Director and Graham Cornes has been appointed as the new Finance Director.
Sid McTavish, Group Managing Director of Entersoft commented:
“We have enjoyed many years of success with all our investors and we are really looking forward to continuing success as an independent, privately held management owned company. Recently introduced products are now establishing themselves in all our major markets providing Entersoft with a
strong base for the future. Our strategy is very different to the Israeli online casino company, Casino on Net or 888.com but we are just as profitable if not more so.”