COVER STORY
The Future is Bright
Casino International: Interblock was purchased by Oaktree Capital, can you tell us about that? John Connelly: Oaktree Capital is one of the largest and most respected private equity firms in the world. The culture of Oaktree and the objectives of Interblock were very synergistic. We are excited to have them as our new owners and the acquisition provides us with a tremendous amount of opportunities to grow our business in the future.
CI: Being a private company can be a huge strength because it allows manoeuvrability, particularly if you’re smaller. However, Interblock has grown tremendously since then so is this part of scaling up? What does being owned by a larger company bring that being privately owned doesn’t? JC: Speaking from solely an Interblock perspective, being private was a tremendous advantage until this point. The ability to make long-term business decisions, while avoiding the distractions of being a public company, has allowed for our executives to remain focused. This, combined with the advantages Oaktree provides as a Private Equity partner, enhances the ability of our team to achieve a hyper-growth rate, while sustaining a financially strong foundation within the company. Additionally, our partnership enables Interblock to consider M&A opportunities, which would have otherwise been unachievable.
CI: When you came on board with Interblock, was this always part of the roadmap? JC: When I was an executive at Bally, I was presented with the opportunity to evaluate Interblock as an acquisition target. I found Interblock fascinating and believed the company had tremendous potential. When
36 OCTOBER 2022
“Fast forward to this year’s G2E, we will introduce
over 33 unique products in our booth, featuring dozens of new features and functionalities.
Interblock has evolved considerably over the past five years as an
organization, thus helping the industry remain
competitive, reduce costs, become more efficient, and attract new players”
the founders and I discussed the prospect of working together, we foresaw us approaching Wall Street within a few years of joining forces. From the beginning, we projected the company would offer a unique product mix for the casino sector in the future, predicating on high yielding, recurring revenue. However, we did not expect to achieve our goal so quickly. Interblock’s innovative team’s designed and developed products that resonated with the industry and its players far quicker than we could have ever imagined. After six years, we have now entered into a
new chapter for the company. I am pleased to have our partner, Oaktree, to help Interblock achieve continued growth.
Interblock has truly developed into a global gaming company, with its US office at the heart of the expansion. The appointment of John Connelly as the Global CEO was a key moment in the company’s evolution and breakthrough into North America. The recent acquisition by Oaktree Capital is the next step for the company. John spoke to Casino International about the company’s past, present, and future…
CI: G2E is fast approaching and, traditionally, Interblock is known for coming out with something completely new and exciting. What are you planning for this year’s show? JC: Interblock, as a whole, and all of its incredible employees, take tremendous pride in G2E. Despite the months of preparation, it is one of the most motivating times of the year for all of us. It’s an opportunity for us to surprise the industry by demonstrating the hard work and innovation, our team takes so much pride in. This year will be no different. At G2E 2022, we will introduce over 33 unique products in our booth, containing dozens of new features and functionalities. In addition, we will launch a fourth product category to our company’s product portfolio. Over the past five years, we have concentrated our efforts on three primary demographic offerings: Stadium Technology, Standalone products, and Universal Cabinets. This year, will we will introduce Live Dealer ETG Pits! Featuring Live Dealers and advanced
technology, Live ETG Pits are designed to transport an existing pit to the future. Live Dealers, guided by Interblock’s Dealer Terminal, encourage play to generate more handle and hold than ever seen before.
CI: What plans do you have for Interblock in the future? JC: With our wonderful partner, Oaktree, we are evaluating efficient routes to grow our company through the use of capital, while staying true to our core values. If I were to summarize the future of Interblock, it is establishing recognition as a global table game company. When people think of table games, in any sense of the definition, whether it’s traditional or online, we want Interblock to be synonymous. In the future, when you talk about table games, regardless of the environment, Interblock will be one of the predominant companies in that area of discussion.
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