Super Group CEO Neal Menashe has spoken openly about the operator’s strong appetite for mergers and acquisitions following the release of record quarterly results.
Speaking to investors on a Q2 earnings call, Menashe stated: “we’re always looking at M&A […]. We’ve got money, we’ve got our shares, we’ve got lots of things to be able to use.”
The CEO signalled that Super Group’s strong financial performance and lack of significant debt leaves it well-placed to capitalise on a shifting market landscape.
Menashe pointed to competitors weighed down by debt as potential sellers, saying: “I think we’ll see a better pricing over the coming months and years, based on where some of our competitors are, who’ve been very acquisitive in the past, but now have this huge debt pile that they have to service.”
Despite the bullish tone, Menashe was also keen to stress financial discipline, stating plainly: “But we are disciplined. We are really disciplined.”
CFO Alinda van Wyk reinforced that position, adding: “Our balance sheet remains as robust as ever.”
Super Group’s cash position stands at a particularly impressive $548 million, representing a year-on-year increase of 39%.
That figure is even more striking given that the company returned $218 million to shareholders over the previous 12 months, reflecting the strength of its underlying cash generation.
Total interest-bearing loans and borrowings amount to just $43 million, leaving Super Group with approximately $505 million in net cash available for deployment.
Menashe described the company’s debt burden as “minimal,” a stark contrast to many of the operator’s larger rivals who carry far heavier leverage on their balance sheets.
Super Group has already demonstrated a willingness to spend, having acquired sports betting software business Apricot in 2024 for €140 million, with the most recent payment of €24 million for that deal made in March this year.
Menashe made clear that any future M&A targets would need to meet strict criteria, emphasising that the company must be “highly selective” while keeping acquisitions “top of mind.”
He was also unambiguous about valuation discipline, stating that the operator “will not overpay” regardless of the opportunities that emerge in the months ahead.
With competitors struggling under significant debt burdens, Super Group appears well-positioned to move decisively if the right acquisition target presents itself at the right price.
