Mr Green Rebrands and Flexes Muscle with Baltic Expansion
A lot of great things have happened at Mr Green these days.
They have signed an agreement to acquire a majority stake of the Latvian gaming operator and have undergone rebranding to MRG Group in order to reflect the company’s current outlook of being “a high growth digital group”.
Latvian Venture
The Swedish online gambling operator has inked a deal to acquire 75% of the shares of the Latvian-facing operator 11.lv. The online gambling operator 11.lv holds local licensees for betting, casino and live casino gaming and represents Latvia’s third largest operator. Mr Green will pay €2.8 million for their stake and the remaining 25% will be held by 11.lv’s founders.
Based in Riga and having 15 employees, 11.lv generated revenue of €966,000 and EBIDTA of €162,000 in the first quarter of 2018.
The Baltic region, made by Estonia, Latvia and Lithuania, is a fast-growing and fully regulated iGaming region. Just last year it grew by 45% and therefore entering the market represents a huge step for Mr Green and their strategy to expand into locally regulated markets. Mr Green sees 11.lv as a base for expansion across the whole region and the first step will be to launch the Mr Green brand in Latvia in conjunction with 11.lv which will, according to Mr Green CEO, Per Norman, give the company “a broad attractive offering for the Baltic markets”.
MRG Group
Following its “Capital Markets Day”, Mr Green has announced that it has rebranded its corporate entity to MRG Group.
The new group MRG brand reflects the company’s fast growth profile and better served its expanded portfolio of online gambling assets. MRG expects to see 40% increase in 2018 full-year revenues combined with EBITDA operating margin of 15%. Their financial targets of the enlarged entity will see the group maintain the annual growth of 25% by 2020 and going forward. Per Norman, CEO of MRG explained the reasons for rebranding.
”MRG is a digital, high growth company with a significantly broader operation with more brands and larger geographical presence than a year ago. We invest in new innovative digital areas within iGaming and eSports. MRG is reflecting our vision ‘Shape the future of the iGaming industry’.”
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