- Indigenous Gaming Partners, a partnership of five Nova Scotia-based First Nations, is the buyer
- ONCAP acquired Pure, previously known as Casino ABS, in May 2011
- ONCAP is the lower mid-market platform of Onex
ONCAP has sold Pure Canadian Gaming, an operator of four regulated casinos located in Alberta, to Indigenous Gaming Partners (IGP).
No financial terms were disclosed. The acquisition by IGP was supported by VICI Properties, a US real estate investment trust that owns a portfolio of gaming, hospitality and entertainment destinations.
Edmonton-based Pure Canadian Gaming’s casino properties feature about 2,700 slot machines, 94 table games, 36 poker tables and 110 video lottery terminals, along with food, beverage and entertainment offerings.
ONCAP acquired Pure, previously known as Casino ABS, in May 2011 from the estate of the company’s founder.
“Pure Canadian Gaming represents another successful investment for ONCAP,” said Edmund Kim, managing director at ONCAP, in a statement. “During our ownership, we worked closely with Pure management to grow the business, enhance its operating performance, and drive improved customer service. We thank the team for their significant efforts and wish the team and IGP continued success going forward.”
IGP is a partnership of five Nova Scotia-based First Nations established to acquire gaming assets in North America. It is partnering with Sonco Gaming, an Indigenous-owned casino development and management company.
ONCAP is the lower mid-market platform of Onex, a private equity firm with headquarters in Toronto.
Pure and ONCAP were advised by Stifel and CIBC Capital Markets. IGP was advised by Tangerine Tango under the Muin Capital Partners brand, a specialized Indigenous capital markets initiative.