Sports betting and media group Better Collective has completed its acquisition of RotoGrinders Network, purchasing the remaining 40% stake in the fantasy sports and betting content brand for a total price of $38.1m, completing an acquisition that began in 2019.
Marc Pedersen, CEO of Better Collective US, commented: “We are pleased to settle the full acquisition of the RotoGrinders Network earlier than originally planned. Since the initial acquisition, we have been impressed with the RotoGrinders team and we are excited to now welcome them to the broader Better Collective family and pursue all synergies to the fullest.
“Furthermore, we are pleased to keep the now-previous shareholders in Rotogrinders engaged in Better Collective with the opportunity to benefit from their competencies more widely in the organization.”
Better Collective will pay most of the acquisition price through a $25.4m cash consideration, with the rest being paid in shares or cash. Both payment transfers will take place no later than December 31, 2021, making the total expected transaction price for 100% of RotoGrinders Network shares $58.9m.
Cal Spears, RotoGrinders CEO, stated: “Joining Better Collective a few years back helped us fully unlock the potential of the RotoGrinders network. We’re proud to announce that our significant growth has led to an accelerated acquisition and that our team of 50-plus will be fully integrated into Better Collective US going forward.
“All seven of the original RotoGrinders network shareholders and co-founders are now assuming full-time or advisory roles. Better Collective is perfectly positioned for US growth and we’re excited to help realize its potential.”