TPG Pace Holdings is a special purpose acquisition company formed by TPG for the purpose of entering into a merger, stock purchase or similar business combination with one or more businesses. The company’s strategy is to identify and acquire businesses that are better suited to generate strong returns in a public market environment while benefitting from TPG’s operational expertise. In June 2017, TPG Pace Holdings filed for an IPO, raising more than $450 million that month.
On June 13, 2019, TPG Pace Holdings entered a transaction agreement with the shareholders of Accel Entertainment, a leading gaming as a service provider and the country's largest video gaming operator on an EBITDA basis.
On November 20, 2019, the transaction closed and Accel (NYSE:ACEL) became the only publicly traded pure-play listed company to focus on the gaming-as-a-service opportunity. Accel will focus on driving shareholder returns through its significant, highly visible earning growth, strong free cash flow and attractive valuation relative to peers. For more information, visit ir.accelentertainment.com.