After several C-suite members left the company, Kindred Group is now considering a partial sale or a full one.
A report from Bloomberg states that Kindred has “accelerated” its plans to sell its business following a number of departures at the C-level.
Henrik Tjarnstrom , CEO, has left the company immediately after 13 years service. He was previously affiliated with the Group for over 20 years.
The group’s CFO Johan Wilsby has also announced his departure, along with Chief Marketing Officer Elen Barber and the Chief Commercial Officer Anne Jaap Snijders.
In its Q1 earnings report, Kindred stated that the company was conducting a strategic review of alternatives for the group. This included exploring the possibility of a partial or complete sale.
Kindred’s statement informed investors that the board “unanimously” decided to begin a process of exploring strategic alternatives. stated: “As a part of this process, the Board of Directors is going to consider all possible alternatives that could deliver value to the Company’s shareholder.
“Such options could include a merger, sale of the business (in full or in part), or other possible transactions.”
Then came the departures of C-level executives, leading many to believe that a rapid change in leadership was possible.
Bloomberg has confirmed that Kindred wants the first round to be completed by the end May. The outlet reports that PJT Partnerships, Morgan Stanley, and Canaccord Genuity Group were all hired to facilitate the project.
The announcement comes after Fanatics agreed to buy PointsBet US at $150m.
In recent years, smaller operators were touted as potential targets for acquisitions. FanDuel DraftKings, and BeMGM have all dominated the online sports betting and casino market.
Kindred removed itself from the sports gambling market of Iowa by the end of the last year. It stated that it wanted both to focus on markets with online casino and sports betting.
The parties interested in buying a share in Kindred are yet to be determined, but the first round of bids is due next week. This could lead to rapid developments.
