Jacobo López Zafra (CEO of Barianza) to Agimeg: "Italy is a strategic market, the acquisition of Ladybet is just the first step. Technology and digital are our strengths."

Specifically, the transaction with Ladybet includes the integration of a fleet of approximately 1,300 gaming machines installed in restaurants and bars throughout Puglia. Jacobo López Zafra, CEO of Barianza , commented on the transaction in an exclusive interview with Agimeg.

1. The acquisition of Ladybet represents a first for the Italian market: a fund invests directly in a company that manages AWP machines, while until now investors' interest has focused primarily on concessionaires. Why did Barianza choose to enter the supply chain starting with a manager?

We decided to start with a manager because that's where we believe the greatest opportunity for value creation lies. Machine management is where daily operations, relationships with businesses, technology, and operational efficiency converge. Our vision is not financial, but industrial. We want to build a leading operator in Southern Europe, and to do so, we need to be close to the asset, the customer, and the point of sale. Management allows us to directly apply our expertise in digitalization, real-time monitoring, and operational optimization. Furthermore, Italy shares a key characteristic with Spain: a highly fragmented market, where companies with in-depth knowledge of the local area but limited access to advanced technological tools exist. This is where we believe BARIANZA can bring distinctive value.

2. What characteristics of Ladybet convinced you to choose it as your first acquisition in Italy, and what role will the Apulian company have in your national development project?

Ladybet combines several elements that fit perfectly with our strategy. First, it has a consolidated presence in Puglia, a region with a strong tradition in the hospitality and entertainment sector. Second, it boasts long-standing relationships with both public establishments and licensees, an aspect we greatly appreciate. But perhaps the most important element is the quality of its team and the reputation it has built over the years. The presence of Elisabetta Cesi, CEO of LadyBet, who will continue to play a key role in developing this project in Italy, represents a guarantee of a shared vision for the future, without forgetting the path taken to date. At BARIANZA, we seek well-managed companies with local roots and strong growth potential. For us, Ladybet is not simply an acquisition: it is our entry platform into Italy and a key element in developing a long-term national presence.

3. The operation involves approximately 1,300 AWPs distributed mainly between Lecce, Brindisi, and Bari. Will Ladybet retain its identity, operational structure, and current relationships with retailers and licensees, or is a gradual integration into the Barianza model planned?

Our approach is to integrate skills and systems, not destroy what works. Ladybet will continue to maintain the local knowledge, business relationships, and market proximity that have enabled it to succeed. At the same time, it will gradually incorporate our technological tools, our GRAZIELLA platform, management systems, control processes, and analytical capabilities. We believe that the combination of local expertise and advanced technology is the formula that generates the greatest value for all stakeholders: public establishments, concessionaires, employees, and end customers.

4. Barianza has identified Italy as one of the two pillars, along with Spain, of his Southern European project. Is Ladybet a one-off operation or the first step in a plan to acquire other Italian management companies?

Clearly, this is the first step. From the outset, we identified Italy as one of two strategic markets, along with Spain, for developing our European project. Italy is one of the largest regulated gaming markets in Europe, is highly fragmented, and shares many operational characteristics with the Spanish market. Our mission is to build a national platform in Italy through selective acquisitions, combined with organic growth and operational improvement.

5. The Italian AWP market is made up of numerous small and medium-sized companies, often deeply rooted in the local area. Do you think the sector will undergo a consolidation process in the coming years, and what characteristics must a manager possess to attract Barianza's interest?

We believe consolidation is a natural and likely inevitable trend. Increasing regulatory complexity and the need to invest in technology, cybersecurity, monitoring, and professionalization favor larger operators. However, size alone is not enough. We look for companies that possess three key characteristics: a solid local reputation, long-standing relationships with merchants and licensees, and management teams committed to growth and transformation. It's not easy to find all of these characteristics together, but we believe that in Ladybet's case, this was possible. That said, there's one element we mustn't forget: the quality of our people continues to be the primary selection criterion.

6.⁠ ⁠In Italy, operators operate within the state-owned dealer network. How do you intend to establish these relationships, and will Barianza work with multiple dealers while maintaining an independent position in the supply chain?

Barianza will operate in full compliance with the Italian model. The concession system is an essential element of the industry, and we fully understand its importance within the value chain. Our intention is to maintain an open and independent position, collaborating with various concessionaires and building relationships based on transparency, efficiency, and mutual value creation. We believe that more professional and technologically advanced management benefits the entire network, from concessionaires to public establishments.

7. Barianza is focusing heavily on digitalization, real-time monitoring, and data usage. What technologies will be introduced into Ladybet's machine fleet, and what concrete benefits will they bring to the company and merchants?

The main contribution will be our management and monitoring technology platform, which we have named GRAZIELLA worldwide. Our goal is to provide real-time operational information to optimize the performance of each machine, improve maintenance processes, and reduce critical issues. We will also apply advanced data analytics and artificial intelligence tools to optimize technician routes, anticipate service needs, and improve decision-making. In practice, this will translate into increased machine availability, faster response times, and a direct improvement in profitability for partner businesses.

8. The AWP industry is going through a delicate phase, between tax pressure, a reduction in the number of machines, local regulations, and prospects for the reorganization of physical gaming. From an international investor's perspective, what are the main critical issues and opportunities in the Italian market?

The main challenge is the uncertainty generated by some regulatory processes and the regulatory differences between different regions. However, from an industrial investor's perspective, we see extraordinary opportunities. Italy has a mature, professional, and large market with a highly consolidated level of consumption. Furthermore, there is significant scope for development in digitalization, data analytics, and operational improvement. We believe the coming years will offer significant opportunities to those operators capable of combining investment, technology, and a long-term vision.

9. After this first acquisition, what goals have you set for yourself in Italy in terms of number of devices, territorial presence, and investments? Can we expect new transactions in the coming months?

Our ambition is to become one of the leading independent operators in the Italian market in the coming years. Our goals aren't limited to the number of machines. We also measure success in terms of operational quality, local presence, store satisfaction, and technological capability. We continue to actively analyze acquisition opportunities, and it's reasonable to expect new deals if we identify companies that share our vision and integrate into our business model. The important thing isn't growing quickly, but growing well. Our priority is building a solid, efficient, and sustainable platform capable of driving the transformation of the industry in Italy and Southern Europe. Our entry into Italy isn't the result of a single financial transaction. It's part of a long-term business vision. We deeply believe in the potential of the Italian market and want to contribute to its evolution through more technology, greater professionalization, greater transparency, and greater investment capacity. Ladybet is the first step on this journey.