Baker Tilly Capital facilitates sale of Progressive Video Lottery.

Client need

Progressive Video Lottery, Ltd. is an operator of over 200 video lottery terminals (VLT) under the rules of the West Virginia Lottery Commission. Wassick Novelty Co., LLC is an operator of automated teller machines (ATM), digital jukebox machines, pool tables, and pinball machines. Both companies’ operations are focused in north central West Virginia.

After more than 35 years of operating Progressive Video Lottery, Ltd. and Wassick Novelty Co., LLC, the owner sought a succession plan for his businesses as he prepared for retirement. Baker Tilly Capital was engaged after being referred to the opportunity by Baker Tilly Advisory Group, LP.

Progressive Video Lottery, Ltd. operates in a niche, highly regulated industry, and Baker Tilly Capital identified buyers that were capable of completing a transaction for both entities. Baker Tilly Capital successfully advised the owner through each step of the sale process.

Baker Tilly Capital solution

Baker Tilly Capital contacted VLT operators, resorts and gaming companies, and independent private buyers to find the right acquirer.

Results

Baker Tilly Capital guided the owner through the entire sales process. With Baker Tilly Capital’s assistance, there were multiple offers, and ultimately a local independent private buyer completed the acquisition.

John Wassick shared: “When I began to consider retirement, I knew that I needed to pass my business on to a new generation of owners, but I didn’t know where to begin or how to start the process. I was introduced to the team at Baker Tilly Capital and was impressed with their knowledge and professionalism. The BT Capital team expertly guided me through the sale process to a successful conclusion. I am very happy with my choice of BT Capital and if I ever had to sell another company, they would be my first phone call.”