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Waterland exits German arcade operator after two years

Löwen Play was sold to AXA Private Equity after Waterland grew the arcade operator in the fragmented German games market.

AXA Private Equity, the private equity arm of the financial services firm, has bought Löwen Play, the German arcade operator, from Waterland Private Equity, the Dutch mid-market firm, according to a source close to the deal. Terms were undisclosed, but magazine The Deal said the transaction was worth more than €300 million ($478 million).

The source said Löwen Play has revenues of more than €85 million and 215 arcades in Germany, making it the second largest arcade owner in Germany.  The German market has 5000 providers and 8000 individual arcades, with sales of approximately €3.2 billion market.

Waterland bought Löwen Play for an undisclosed sum in 2006, when it owned around 160 arcades, according to reports at the time.

AXA Private Equity declined to comment. Waterland could not be immediately reached for comment.