FIRST-EVER PRIVATE EQUITY ACQUISITION IN THE NORTH AMERICAN REGULATED GAMING TESTING AND INSPECTION MARKET

Transaction Receives Required Regulatory Approvals Across Multiple Global Jurisdictions

The Visualize Group (“Visualize”), a private investment firm focused on concentrated investing in mission-critical, services-based companies, announced the completion of its acquisition of BMM Testlabs (“BMM”), the longest established and most experienced leader in testing, inspection, compliance, and certification (“TICC”) services for the regulated global gaming industry. The transaction has received required regulatory approvals across multiple global jurisdictions, underscoring the confidence of gaming regulators worldwide in this partnership. Financial terms were not disclosed. The transaction represents the first-ever control acquisition of a major regulated gaming testing laboratory, marking the opening of a market that has been structurally inaccessible to institutional capital.

Headquartered in Las Vegas, Nevada, and founded in 1981, BMM serves gaming product suppliers, operators, and regulators across six continents, employing more than 700 professionals in 16 offices worldwide and holding more than 700 regulatory and related business licenses — one of the broadest regulatory footprints of any organization in the gaming industry.

The transaction represents a structural first: no major gaming testing laboratory in North America has ever been acquired by a private equity sponsor. For decades, the regulatory complexity of the TICC market — requiring hundreds of individual licenses across dozens of jurisdictions — has insulated these businesses from institutional ownership. The successful navigation of that complexity, culminating in regulatory approvals across multiple jurisdictions, establishes BMM as the first institutionally owned platform in the space and positions it as the natural acquirer of choice as consolidation accelerates.

Martin Storm, President and Chief Executive Officer of BMM Testlabs, said, “Today marks the beginning of an exciting and ambitious new chapter for BMM. Gaming regulators across the globe have endorsed this partnership through their approvals, and I am proud of the trust we have built over more than four decades. With Visualize’s support, we can now invest aggressively in our people, our technology, and our global footprint in ways that were not previously possible. Our customers should expect faster turnaround times, expanded jurisdictional coverage, deeper technical capabilities, and a level of service and partnership that no other testing laboratory in the world can match. We are building the definitive platform for gaming compliance, and we are just getting started.”

C. C. Melvin Ike, Founder and Managing Partner of Visualize, said, “We built Visualize to own irreplaceable businesses in markets where regulatory complexity creates durable, defensible demand. BMM is a clear expression of this thesis. The regulated gaming industry generates more than $600 billion in annual gross gaming revenue globally, and its TICC infrastructure — the certification and compliance layer that every product must pass through before it can reach market — is structurally underpenetrated by institutional capital. BMM’s multi-decade track record of regulatory trust and an irreplaceable stable of licenses represent a moat that would take a new entrant decades and significant capital to replicate. We look forward to backing the entire BMM team, supporting the customers that drive the industry, and preserving the trust of the regulators that protect it.

Advisors

Weil, Gotshal & Manges LLP and Greenberg Traurig acted as legal and regulatory counsel, respectively, to Visualize. Gadens, BDO, and Cooper Levenson acted as legal, financial and regulatory counsel to BMM Testlabs.

BMM Testlabs (“BMM” or “the Company”) announced that Travis Foley, Chief Government and Regulatory Officer, has been appointed Chair of the Emerging Technology Committee (ETC) for the International Gaming Standards Association (IGSA).

The ETC is a specialized committee within IGSA focused on identifying and evaluating transformative technologies likely to be deployed within the gaming industry. As Chair, Foley will lead collaborative efforts to support suppliers, regulators, and operators with clear frameworks, regulatory guidance, and standardization strategies that ensure the safe and efficient implementation of new technologies.

IGSA President Mark Pace said, “We are thrilled to have Travis lead the Emerging Technology Committee at such a critical time in the gaming industry. His deep understanding of regulatory frameworks and new and evolving gaming products and solutions will be invaluable as we work to guide the industry through the safe and practical adoption of groundbreaking technologies.”

Foley said, “The gaming industry is evolving rapidly, with technologies like AI, blockchain, cloud-based systems, and advanced remote gaming platforms reshaping how we think about compliance and innovation. I’m honored and excited to chair the Emerging Technology Committee and to work alongside IGSA’s members and global stakeholders to help see new technologies implemented safely, securely, and with integrity.”