02 Oct OpCapita wins PEI Operational Excellence Award for turnaround of GAME
OpCapita, the European sector focused private equity partnership, today announced that it has won Private Equity International’s (PEI) Operational Excellence Award in the Lower Mid-Market category, for its successful turnaround of GAME, the specialist video games retailer. The Operational Excellence Awards aim to recognise the achievements of the industry’s best in class operators for adding value to the operations of a portfolio company.
OpCapita was recognised for the significant value it created through its hands on, operational turnaround of GAME, spearheaded by David Hamid, Founding Partner at OpCapita and Chairman of GAME Digital PLC. David worked closely with the wider OpCapita team who were embedded in the business and worked closely with the GAME management.
The judges recognised OpCapita for its work in delivering a transformational turnaround driven by improved customer insight, a significant strengthening of the relationships with key suppliers, a focus on cash and investment in online and digital infrastructure.
The turnaround rehabilitated the Company from collapse in 2012 to a highly profitable company – reversing losses to generate £51 million of underlying earnings (EBITDA) in 2014. GAME was successfully floated on the London Stock Exchange in June 2014 and at the end of last year the company entered the FTSE 250.
PEI Operational Excellence Awards judge, Miles Graham, praised OpCapita for the balance in the value creation plan between “urgent stabilisation initiatives” and “longer-term investments” which provided GAME with “a strong platform for sustainable growth”. Antoon Schneider, another PEI judge, noted the speed and success of the turnaround: “Going from bankruptcy to IPO in two years is unheard of. Normally it takes a significant track record to IPO”.
Commenting on winning the award, Henry Jackson, Chief Executive of OpCapita, said:
“We are proud that Private Equity International has recognised the achievements of the OpCapita team in helping to deliver an operational turnaround at GAME which put the business back on a sound financial footing and created a platform for sustainable future growth as a market leading and profitable company.”
Martyn Gibbs, Chief Executive of GAME Digital, added: “The strength of the turnaround delivered at GAME was a testament to the dedication, expertise and operational management skills of OpCapita’s highly-experienced team, who deeply embedded themselves in the business from the outset. They immediately supported us in stabilising the business after rescuing it out of administration and worked tirelessly with us as we reshaped the company. The result was transformational.”
For further details on the successful turnaround of GAME, please click on the following link: