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Advent to Acquire Latin American Gaming and Resort Company Enjoy for up to US$170m

22 August 2017

Advent International announced an agreement to partner with the Martinez Family to acquire a significant equity stake in Enjoy, a gaming and resort operator in Chile and Uruguay. Advent International will invest up to up to US$170m in the company.

(Press Release)
• Advent will join the founding Martinez Family and prominent institutional investors to invest in Enjoy’s continued growth
• Enables Advent to participate in fast-growing gaming industry in Enjoy’s core markets of Chile and Uruguay

SANTIAGO, August 22, 2017 – Advent International, one of the largest and most experienced global private equity investors, today announced that it has agreed to partner with the founding Martinez family to acquire a significant equity stake in Enjoy S.A. (ENJOY:CI), the leading gaming and resort operator in Chile and Uruguay. Enjoy will remain publicly traded and the Martinez family will retain a substantial equity ownership position in the company.

Advent’s investment will be made through a capital increase of up to US$170 million and tender offer, according to Chilean regulation, for up to 100% of the shares that shareholders are willing to sell in the tender offer.

“We are extremely proud of the success we have achieved since Enjoy’s founding over 40 years ago,” said Javier Martinez, Chairman of Enjoy’s Board of Directors and a member of the founding family. “What began with one Chilean casino has expanded into a leading regional operator with ten casinos and ten hotels in Chile, Uruguay, Argentina and Colombia. We believe that Advent will enable us to build upon our momentum and achieve our growth goals over the long term to perpetuate my father’s legacy.”

“Advent has a robust track record of investing in and growing companies with strong operations and we welcome their expertise,” added Gerardo Cood, Chief Executive Officer of Enjoy.

“Advent is the right partner to help us as we continue to focus on developing the entertainment
industry and leveraging expansion opportunities in Chile and the surrounding region. We are excited for our path forward and remain committed to providing premium gaming and hospitality services to all of our casino and resort guests.”

Founded by the Martinez family in 1975, Enjoy has over 40 years of experience in the industry
and has become a leading gaming operator in Chile and Uruguay. The company owns and
operates ten casinos and ten hotels in Chile, Uruguay, Argentina and Colombia, with more than
6,000 slot machines, 350 gaming tables, 1,200 hotel rooms and 30 restaurants.

“We are excited to partner with the Martinez family and the outstanding Enjoy management team,” said Mauricio Salgar, a Managing Director at Advent International in Bogotá. “This transaction will be our first direct investment in Chile and in the fast-growing gaming industry. We believe Enjoy is well-positioned to continue capturing growth opportunities through a variety of initiatives and we look forward to supporting Gerardo and his team.”

“The Chilean and regional market presents dynamic scaling opportunities for Enjoy,” added Wilson Rosa, a Managing Director at Advent International in São Paulo. “We are committed to helping the Company maintain its strong operational track record and accelerate its growth as a leading gaming operator. The Martinez family is a great partner in this investment and we’re ready to begin working with them to support Enjoy through its next phase of growth.”

Advent has been operating in Latin America for over 20 years and during this time has completed 55 investments across the region. Its network of 40 investment professionals working across Bogotá, Buenos Aires, Lima, Mexico City and São Paulo is the largest dedicated private equity team in the region. Throughout Latin America, Advent has raised over US$6 billion of capital focused on the region. Its latest Latin American fund, LAPEF VI, raised in 2014, has US$2.1 billion of capital.

In this transaction, Credit Suisse is serving as financial advisor to Enjoy and Morgan Stanley and Ernst & Young are serving as financial advisors to Advent. Bofill Mir & Alvarez Jana is serving as legal advisor to Enjoy, while Claro & Cia and Baker McKenzie are serving as legal advisors to Advent.