GENDA Inc. announced two separate acquisitions Tuesday, signaling the Japanese entertainment company’s continued appetite for deals despite questions over integration capacity.
The Tokyo-listed firm will pay ¥3.94 billion ($26.9 million) to acquire Indigo Newco Limited from Inspired Entertainment, gaining control of approximately 100 amusement arcades and 125 mini-locations across UK holiday parks. The transaction, valued at £18.6 million ($25.1 million), is expected to close in the fourth quarter of 2025.
Separately, GENDA resolved to acquire photo studio operator Carotte Inc., which operates 108 locations nationwide in Japan, through a complex structure involving stock purchases and exchanges.
The moves extend GENDA’s aggressive acquisition strategy, with the company completing 15 deals in just six months following its 2023 public listing. The company recently closed its acquisition of Player One Amusement Group in North America, raising questions about its ability to effectively integrate multiple operations simultaneously.
GENDA’s revenue surged 100.7% to ¥111.79 billion in 2024, though earnings declined 20.9%, suggesting growth may be coming at the expense of profitability. The company plans to deploy its Japanese “Kawaii” content strategy in the UK market, mirroring tactics used in previous US acquisitions.
The UK deal represents GENDA’s entry into holiday park entertainment, traditionally considered recession-resistant due to domestic tourism patterns.
