BUYER POOL ANALYSIS
Selling a Gaming to Private Equity / PE-Backed Roll-Up buyers
Private equity firms and PE-backed platform consolidators acquiring for roll-up, add-on, or platform plays. Pricing tends to lead the market for fee-viable scale, with multi-bidder competitive processes above the EBITDA floor.
Quick answers
- What multiple does this buyer pool pay?
- Median EV/EBITDA 10.79x across 14 disclosed deals (P25: 7.65x, P75: 13.44x). Median EV/Revenue 3.94x across 15 deals. Median deal value: $287.31M.
- How many disclosed transactions?
- 18 deals total (18 from 2018+), filtered to Private Equity / PE-Backed Roll-Up acquirers of gaming businesses.
- Most active buyers
- Apollo Global Management, Inc. (2) · Silver Lake Technology Management, L.L.C. (1) · Brightstar Capital Partners, L.P. (1) · Devolver Digital, Inc. (1) · DraftKings Inc. (1) · Verve Group SE (1)
Recent disclosed deals
Private Equity / PE-Backed Roll-Up acquisitions of gaming businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2025 | Electronic Arts Inc. | Silver Lake Technology Management, L.L.C. | $55189.0M | 27.5x | 7.38x |
| 2024 | Everi Holdings Inc. | Apollo Global Management, Inc. | $1499.8M | 6.6x | 2.57x |
| 2024 | PlayAGS, Inc. | Brightstar Capital Partners, L.P. | $1055.0M | 6.9x | 2.87x |
| 2023 | System Era Softworks, Inc. | Devolver Digital, Inc. | $40.0M | 10.5x | 5.71x |
| 2021 | Golden Nugget Online Gaming, Inc. | DraftKings Inc. | $843.5M | — | 18.17x |
| 2021 | KingsIsle Entertainment, Inc. | Verve Group SE | $210.0M | 7.3x | — |
What this buyer pool prices for
Private equity acquirers price for scale and roll-up arbitrage. They pay up for businesses that fit a platform thesis — recurring revenue mix above 30%, technician/professional depth, clean financials, and a management layer that survives integration. The same gaming can command 1.5x to 2x the multiple of an individual-buyer transaction simply because the PE buyer is acquiring a platform piece, not an owner-operated shop.
Methodology note
Multiples shown are computed from disclosed M&A transactions in the ExitValue.ai database, filtered to gaming businesses acquired by private equity / pe-backed roll-up buyers. EV/EBITDA outliers outside the [0.5x, 60x] band and EV/Revenue outliers outside [0.05x, 25x] are excluded from medians. Where available, post-2018 transactions are weighted; otherwise the all-time sample is used. Deal counts shown reflect deals with disclosed financials only — total transaction count for this buyer pool is typically 2-3x larger. Full methodology
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