TPG Pace Holdings

Accel Entertainment and TPG Pace Holdings Combination

TPG Pace Holdings is a special purpose acquisition company formed by TPG for the purpose of entering into a merger, stock purchase or similar business combination with one or more businesses. The company’s strategy is to identify and acquire businesses that are better suited to generate strong returns in a public market environment while benefitting from TPG’s operational expertise. In June 2017, TPG Pace Holdings filed for an IPO, raising more than $450 million that month.

On June 13, 2019, TPG Pace Holdings entered a transaction agreement with the shareholders of Accel Entertainment, a leading gaming as a service provider and the country’s largest video gaming operator on an EBITDA basis.

On November 20, 2019, the transaction closed and Accel (NYSE:ACEL) became the only publicly traded pure-play listed company to focus on the gaming-as-a-service opportunity. Accel will focus on driving shareholder returns through its significant, highly visible earning growth, strong free cash flow and attractive valuation relative to peers.