Company: PlayAGS, Inc.
Symbol: AGS
Description: They are a leading designer and supplier of electronic gaming machines and other products and services for the gaming industry.
Shares: 10.25 million
Price Range: $16.00-$18.00
Trade Date: 1/26
Underwriter(s): Credit Suisse, Deutsche Bank Securities
Jefferies, Macquarie Capital, BofA Merrill Lynch, Citigroup, Nomura, Stifel, SunTrust Robinson Humphrey
Co-Manager(s): Roth Capital Partners, Union Gaming, The Williams Capital Group, Apollo Global Securities
Terms Added: 1-16-18
Business: Founded in 2005, they historically focused on supplying EGMs, including slot machines, video bingo machines, and other electronic gaming devices, to the Native American gaming market, where they maintain an approximately 20% market share of all Class II EGMs. Since 2014, they have expanded their product line-up to include: (i) Class III EGMs for commercial and Native American casinos, (ii) table game products and (iii) interactive products, all of which they believe provide them with growth opportunities as they expand in markets where they currently have limited or no presence.
Sponsor Backed: In December 2013, they were acquired by the Apollo Group. Founded in 1990, Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, Bethesda, Chicago, St. Louis, Toronto, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong and Shanghai. Apollo had assets under management of approximately $242 billion as of September 30, 2017 in its affiliated private equity, credit and real estate funds invested across a core group of nine industries where Apollo has considerable knowledge and resources.
Financials: Their expansion into Class III and ancillary product offerings has driven their strong growth and momentum in revenue, EGM adjusted EBITDA and our installed base, which have increased by 173%, 158% and 152%, respectively, since 2014.
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