TSL Express Daily News
The Secured Lender
SFNet's Women in Secured Finance Issue
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April 1, 2025
Source: Armory Securities, LLC
Armory Securities, LLC is pleased to announce that Universal Gaming Group and Gaming Entertainment Management have successfully combined to form Universal GEM Gaming. Armory served as the M&A advisor to both parties and placement agent for a new senior secured credit facility on behalf of the newly formed joint venture.
Armory advised Universal Gaming Group (“UGG”) and Gaming Entertainment Management (“GEM”), a subsidiary of Delaware North, to create a strategic combination in the Illinois video gaming terminal (“VGT”) market. Additionally, following a competitive proposal process run by Armory, Universal GEM Gaming, LLC (“Universal GEM”) raised a new, senior secured credit facility with leading global capital providers. The formation of the joint venture was contingent on the successful execution of this financing, which allowed the new entity to refinance existing debt and fund its growth initiatives post-combination.
UGG and GEM are both leading video gaming terminal operators serving the slot route market in Illinois, with a combined portfolio of approximately 450 locations and more than 2,300 VGTs across the state. UGG has been a portfolio company of Housatonic Partners, a private equity firm with more than $1.5 billion in capital under management, since 2018. GEM has been a subsidiary of Delaware North, one of the largest global privately-owned-and-operated gaming, hospitality, and entertainment companies, since 2016.
For information on this transaction or about Armory Securities, please contact one of the following deal team members:
Steven Sadek
Managing Director
ssadek@armorysecurities.com
(214) 563-1201
Michael Uyemura
Director
muyemura@armorysecurities.com
(972) 591-7793
Nancy Mannebach
Vice President
nmannebach@armorysecurities.com
(718) 307-2727
Armory Securities, a division of Armory Group, LLC, is a leading investment bank dedicated to helping middle market companies and their constituents. Armory Group, through its subsidiaries, provides investment banking services, asset management services and advisory services, including enterprise transformation and interim management, to middle market companies and their stakeholders. Learn more about Armory Group, and its subsidiaries, at www.armorygroupllc.com.
Armory Securities, LLC, member FINRA, Member SIPC
Armory advised Universal Gaming Group (“UGG”) and Gaming Entertainment Management (“GEM”), a subsidiary of Delaware North, to create a strategic combination in the Illinois video gaming terminal (“VGT”) market. Additionally, following a competitive proposal process run by Armory, Universal GEM Gaming, LLC (“Universal GEM”) raised a new, senior secured credit facility with leading global capital providers. The formation of the joint venture was contingent on the successful execution of this financing, which allowed the new entity to refinance existing debt and fund its growth initiatives post-combination.
UGG and GEM are both leading video gaming terminal operators serving the slot route market in Illinois, with a combined portfolio of approximately 450 locations and more than 2,300 VGTs across the state. UGG has been a portfolio company of Housatonic Partners, a private equity firm with more than $1.5 billion in capital under management, since 2018. GEM has been a subsidiary of Delaware North, one of the largest global privately-owned-and-operated gaming, hospitality, and entertainment companies, since 2016.
For information on this transaction or about Armory Securities, please contact one of the following deal team members:
Steven Sadek
Managing Director
ssadek@armorysecurities.com
(214) 563-1201
Michael Uyemura
Director
muyemura@armorysecurities.com
(972) 591-7793
Nancy Mannebach
Vice President
nmannebach@armorysecurities.com
(718) 307-2727
Armory Securities, a division of Armory Group, LLC, is a leading investment bank dedicated to helping middle market companies and their constituents. Armory Group, through its subsidiaries, provides investment banking services, asset management services and advisory services, including enterprise transformation and interim management, to middle market companies and their stakeholders. Learn more about Armory Group, and its subsidiaries, at www.armorygroupllc.com.
Armory Securities, LLC, member FINRA, Member SIPC