Waterland Private Equity Investments has sold a majority stake in Löwen Play to AXA Private Equity.

Löwen is one of the largest amusement arcade operators in Germany and runs 200 arcades.

Waterland backed the buy-out of the company back in Autumn 2006 and a buy-and-build strategy was then pursued, which has since seen the company add more than 50 arcades to its portfolio.