In Chile, global private equity firm Advent International Corporation has announced that it has signed an agreement to spend up to $170 million in order to acquire a “significant” stake in local casino and hotel operator Enjoy SA.

Advent International Corporation explained that the deal will see it partner with the founding Martinez family as well as other prominent institutional investors so as to “participate in the fast-growing gaming industry” in Enjoy SA’s core markets of Chile and Uruguay.

“The Chilean and regional market presents dynamic scaling opportunities for Enjoy SA,” read a statement from Wilson Rosa, Managing Director for Advent International Corporation’s Sao Paulo office. “We are committed to helping the company maintain its strong operational track record and accelerate its growth as a leading gaming operator. The Martinez family is a great partner in this investment and we’re ready to begin working with it to support Enjoy SA through its next phase of growth.”

Following the completion of the deal, Advent International Corporation stated that Enjoy SA is to remain as a publicly-traded company with the Martinez family retaining a “substantial equity ownership position”.

“Advent International Corporation has a robust track record of investing in and growing companies with strong operations and we welcome its expertise,” read a statement from Gerardo Cood, Chief Executive Officer for Enjoy SA, which was established by the Martinez family in 1975. “Advent International Corporation is the right partner to help us as we continue to focus on developing the entertainment industry and leveraging expansion opportunities in Chile and the surrounding region. We are excited for our path forward and remain committed to providing premium gaming and hospitality services to all of our casino and resort guests.”

Enjoy SA owns and operates ten casinos offering more than 6,000 slots alongside 350 gaming tables. It portfolio additionally includes an identical number of hotels located throughout Chile, Uruguay, Argentina and Colombia featuring some 1,200 rooms as well as 30 restaurants.

“We are excited to partner with the Martinez family and the outstanding Enjoy SA management team,” read a statement from Mauricio Salgar, Managing Director for Advent International Corporation’s Bogota office. “This transaction will be our first direct investment in Chile and in the fast-growing gaming industry. We believe Enjoy SA is well-positioned to continue capturing growth opportunities through a variety of initiatives and we look forward to supporting Gerardo and his team.”

For its part, Advent International Corporation was founded in 1984 and is now one of the largest and most experienced global private equity investors in Latin America. It has backed over 325 private equity transactions in 41 countries and currently manages assets worth approximately $39 billion.

“We are extremely proud of the success we have achieved since Enjoy SA’s founding over 40 years ago,” read a statement from Javier Martinez, Chairman for Enjoy SA. “What began with one Chilean casino has expanded into a leading regional operator with ten casinos and ten hotels in Chile, Uruguay, Argentina and Colombia. We believe that Advent International Corporation will enable us to build upon our momentum and achieve our growth goals over the long term to perpetuate my father’s legacy.”

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