Columbia Pacific Advisors’ Business Finance Strategy Provides $30 Million Loan To Esports Technologies, An iGaming Technology Platform
SEATTLE, Dec. 8, 2021 /PRNewswire/ — Columbia Pacific Advisors’ business finance strategy, CPBF, a direct lender to non-sponsored and sponsor-backed emerging growth and middle market companies, today announced it has delivered a $30 million senior secured term loan to Esports Technologies, Inc. (Nasdaq: EBET), a Las Vegas based iGaming technology company focused on developing and operating esports gaming platforms.
Esports Technologies used proceeds of the loan to acquire the business-to-consumer assets and certain related operations of Aspire Global plc (STO: ASPIRE), a leading online casino and sportsbook company, in a $75.9 million transaction. The acquired brands include Karamba, Hopa, Griffon Casino, BetTarget, and Dansk777. With the acquisition, Esports Technologies gains access to gaming licensing in Tier 1 regulated markets including the United Kingdom, Germany, Ireland, Malta, and Denmark.
Since the inception of esports in the early 2000s, the sport has grown rapidly, as sponsored tournaments with significant cash prizes have raised the level of competition and online streaming has opened the market to mass viewership. EBET has developed industry-leading technology and award winning products to provide esport fans with the wagering performance they have grown to expect from traditional sports and additional betting opportunities that are unique to esports.
“We are pleased to welcome Aspire’s portfolio of business-to-consumer online casino and sportsbook brands to Esports Technologies,” said Aaron Speach, CEO of Esports Technologies. “EBET is on the leading edge of bringing the spreads, market depth, and speed to esports wagering that bettors have come to expect from online wagering on traditional sports. We look forward to introducing these capabilities to esports fans in several of the world’s largest regulated markets through this acquisition.”
“This transaction demonstrated the dexterity of CPBF. With borrower operations on five continents and rigid timelines imposed by a M&A process with two public companies, we are pleased that CPBF could deliver for all parties,” said Lawrence Litchfield, CPBF’s Director of Business Development.
ABOUT COLUMBIA PACIFIC BUSINESS FINANCE
CPBF provides direct financing to emerging growth and middle market companies throughout the country. The evergreen fund delivers venture, bridge, and mezzanine debt solutions, offering flexibility and creativity to support its lending partners. CPBF focuses on partnerships with non-sponsored and sponsor-backed businesses across a wide range of sectors. Its parent company, Columbia Pacific Advisors, manages $3.4 billion of alternative assets (as of 6/30/2021), including public and private equities. For more information, visit www.columbiapacific.com.
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SOURCE Columbia Pacific Business Finance