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Trive Capital (“Trive”), the Dallas based private equity firm, is pleased to announce the successful closing of its previously announced take-private transaction in which Trive has acquired all of the issued and outstanding common shares of Seven Aces Limited (TSXV: ACES) (“Seven Aces” or “Aces”), other than those shares owned by Manu K. Sekhri, CEO of Seven Aces. Seven Aces has built a diversified portfolio of world-class gaming operations through its 70% owned subsidiary, Lucky Bucks, LLC (“Lucky Bucks”), the largest route operator of skill-based gaming machines in the State of Georgia. The proposed transaction was initially announced by Seven Aces on June 11, 2020.
Conner Searcy, Managing Partner of Trive, said: “We are excited to have closed this transaction and look forward to collaborating with the Seven Aces and Lucky Bucks management teams whom we have a longstanding history of successfully partnering with. We firmly believe Lucky Bucks is the best-in-class operator in a compelling market and are eager to support management’s operational and growth initiatives going forward.”
“The closing of this transaction marks the start of our next chapter as a company and in our partnership with Trive,” commented Manu K. Sekhri, CEO of Seven Aces. “We are fortunate to have a like-minded partner to help us build and execute on the momentum the business has generated in recent months.”
Shravan Thadani, Managing Director at Trive, added: “Trive has developed a deep understanding of and appreciation for the distributed gaming market through our initial investment alongside the Seven Aces’ and Lucky Bucks’ teams in 2016 and are thrilled to re-partner with Manu to continue to scale the business. The Seven Aces take-private transaction is another example of our ability to provide creativity, speed and certainty of execution against a volatile macroeconomic backdrop.”
About Seven Aces Limited
Seven Aces Limited is a gaming company, with a vision of building a diversified portfolio of world class gaming operations. Seven Aces looks to enhance shareholder value by growing organically and through acquisitions.
About Lucky Bucks
Lucky Bucks is a digital skill-based coin operated amusement machine (COAM) route operator based in and incorporated under the laws of the State of Georgia in the U.S. Lucky Bucks is the holder of a Master License, and its machines are fully licensed and governed by the Georgia Lottery Corporation and offer players a variety of digital skill-based coin-operated amusement machines. Currently, Lucky Bucks is the largest route operator of skill-based gaming machines in the State of Georgia.