PressEnter is set for a shake-up, led by the firm’s Chief Executive Officer and members of his executive team, in the form of a management buyout.
The transaction, which is said to be completed soon, will see PressEnter’s management team acquire the business stating that it has “significant growth potential”. Furthermore, the management group has agreed terms with the existing financial investors.
“The management team has worked hard for the chance to take ownership of the business and we have a sound strategy that we strongly believe in,” explained Lahcene Merzoug, Chief Executive Officer at PressEnter Group.
“With the management team taking full ownership, the business will enter a new era. This is a major milestone for the organisation, and I look forward to leading from the front as we turn the page and start the next chapter of the PressEnter Group story.”
Following the transaction, PressEnter will continue to operate out of its headquarters in Sliema, Malta, where it will run its roster of brands, including 21.com, JustSpin, NeonVegas Casino, NitroCasino, UltraCasino and RapidCasino.
The management team sees this as a new chapter for the business and will be reviewing existing strategies and processes to maximise new opportunities, grow the business and focus on the company’s core strengths.
This potential management buyout follows on from the firm’s entry into the Ontario market in October as it was approved by the province’s gaming regulator, which witnessed NitroCasino brand go live in the region.