CVF Capital Partners announced today the acquisition, alongside management, of Gary Platt Manufacturing (GP) (https://www.garyplatt.com), based in Reno, NV. Gary Platt Manufacturing has been in the gaming seating business since 1996. At the inception, the founders of the company had over 40 years of experience in the gaming seating industry. Gary Platt produces seating exclusively for casinos for their slots, table games, poker, bar-top, sportsbook, bingo, and hospitality seating.
The company was founded on the concept that a high quality, comfortable chair would increase player’s “time on device” and as a result, casino revenues. By specializing in casino seating, Gary Platt has become the recognized leader in performance seating by casino customers and casino management. Gary Platt supplies IGT, Bally, Aristocrat, WMS, Multimedia, Aruze and Konami, amongst others, with seating for their participation games. Gary Platt chairs are in virtually every casino in the US.
The casino and gaming industries have benefited from several recent legal changes and promises to be a growing sector. In May 2018, the U.S. Supreme Court issued a landmark ruling finding the Professional and Amateur Sports Protection Act of 1992 (PASPA) unconstitutional, freeing states to decide for themselves whether to legalize sports betting. To date, residents in fourteen states are now able to place a legal sports wager, with more states expected to join them in 2020.
With expanding legalization has come new business opportunities through the expansion of sports betting. As a result, the commercial casino gaming sector logged its fourth consecutive year of gaming revenue growth in 2018—surging nearly 3.5 percent to $41.7 billion, a new historic high. New commercial casino properties opened in Colorado, Massachusetts, New Jersey and New York, and voters in Arkansas have approved a constitutional amendment, making it the 25th state to legalize commercial casino gaming (and the 41st state overall with legal casino gaming, including tribal casino operations).
According to Joe Esposito, President & CEO of Gary Platt Manufacturing, who will be investing in the new transaction with other team members, “the outlook for the casino and gaming industry is bright as more states introduce new gaming options including new casinos and sport betting venues.” He stated further that, “we look forward to the opportunity to partner with CVF in the years to go come. Their long experience in manufacturing and teaming up with management teams successfully will further help propel Gary Platt forward”.
The investment in Gary Platt is a clear example of the evolution nationally of changing consumer tastes and preferences. According to Stefan Okhuysen, Principal at CVF Capital Partners, “The changes in the U.S. gaming industry at the federal and state levels provides a great opportunity to invest in a rapidly growing segment where consumers are looking for new and innovative entertainment and hospitality options.”