Funds managed by Searchlight Capital Partners are to acquire a controlling interest in US-based TouchTunes Interactive Networks.
Source: TouchTunes
The funds have entered into a definitive agreement to acquire the music and entertainment platform company, which has a presence in over 71,000 bars and restaurants across North America and Europe.
TouchTunes’ senior management team is to continue to be a significant shareholder in the business.
“We are deeply impressed by the management of TouchTunes,” said Eric Zinterhofer, a founding partner at Searchlight. “Charles Goldstuck and his team have a clear track record of successful innovation, on which they have built a market leading business in an attractive sector. TouchTunes has many exciting opportunities both in North America and internationally. We look forward to supporting the company as it executes on this next phase of growth.”
Goldstruck, TouchTunes CEO, described Searchlight as the “perfect partner” for the company as it initiates its next phase of growth.
“They are extremely well versed in the global digital media world and we are perfectly positioned to help the company expand on its forward-looking innovation efforts.”
In June last year, TouchTunes acquired Soundnet, a UK-based supplier of audio and visual content - primarily through digital jukeboxes - to bars, clubs and other venues. The deal added a further 13,000 jukebox sites in Europe to TouchTunes’ existing network of sites.
