Superbet secures €1.3bn refinancing agreement with Blackstone
Bucharest-based operator seals new terms with existing minority investor and HPS to continue to provide support for global expansion and product plans
Superbet has secured a new €1.3bn (£1.1bn) refinancing deal with investment management firm Blackstone to continue to support its ongoing expansion.
The refinancing, which also includes support from certain funds managed by HPS Investment Partners, was confirmed today, 7 February.
The Central and Eastern European operator said the capital would provide the business with a “strong financial platform” for the years ahead.
Superbet cited further expansion into Brazil, M&A opportunities and investment in “innovative technologies” as core facets of its growth strategy.
The privately owned operator first received a €175m strategic minority equity investment from Blackstone in 2019, with the operator having made significant gains since that time.
The brand is the market leader in its native Romania, has a significant position in Poland and is live in Belgium after acquiring Napoleon Sports & Casino in 2021.
Superbet also operates in Croatia and has a large tech hub in the country, as well as a product innovation centre in Spain.
The operator is also live in Brazil and was one of the first companies to be awarded a licence for the regulated market.
Last year, Superbet founder Sacha Dragic returned as co-CEO, having stepped down from leading the day-to-day business in 2019 when he was replaced by former Paddy Power Betfair head Johnny Hartnett
Throughout the refinancing process, Superbet was advised by Morgan Stanley and Stifel.
Herzog Fox & Neeman, Sidley Austin and Loyens & Loeff Luxembourg provided the operator with legal support.
Blackstone retained Citi as its financial adviser, while Simpson, Thacher & Bartlet served as legal partners.
Sacha Dragic, Superbet founder and co-CEO, said: “I am thrilled that we have signed this refinancing deal, a testament to our commitment to becoming global leaders in our industry.
“Our unique business model seamlessly integrates strategic investments in cutting-edge technology with a diversified product portfolio, carefully aligned with modern consumer trends.
“Furthermore, our strong financial fundamentals and operational excellence provide a solid platform to accelerate growth in our existing markets while also targeting expansion into high-potential future markets.”
Raphael de Botton, Blackstone Tactical Opportunities senior MD, said: “Sacha is a visionary founder and entrepreneur, backed by an exceptional management team. We are proud to continue to support this company on its remarkable journey of growth and innovation.
“With exciting expansion plans on the horizon, we look forward to our ongoing partnership and the opportunities that lie ahead.”