Photo Credit: Milo Bauman
Jukebox heavyweight AMI Entertainment Network has just been acquired by Coral Tree Partners. Is a post-pandemic revenue boom ahead?
Leading digital jukebox business AMI Entertainment Network has announced its acquisition by Los Angeles-based media and entertainment-focused private equity firm Coral Tree Partners, from The Gores Group, a global investment firm. The deal was confirmed to Digital Music News by Coral Tree earlier this week.
AMI brings some serious history to the table, with automated musical playback a deep component of its pedigree. Founded in 1909 under the name National Automatic Music Co., AMI has been a presence in the bar and restaurant entertainment industry for over a century. Today, AMI says they operate a network of over 30,000 digital jukeboxes and video systems to pump music, video, and advertising content into venues throughout North America and the United Kingdom.
The company is based in Grand Rapids, MI, and has additional offices in Chicago and the UK. Now, with bars, restaurants, and other venues welcoming post-pandemic crowds, AMI could be poised for some upside. “AMI leads the industry in innovation and customer service, and we’re poised to continue this strong momentum as we expand into new areas,” relayed Mike Maas, CEO of AMI Entertainment.
“We are grateful to the Gores team for their support over the years as they have helped us build a strong foundation for future growth. Looking ahead, we are excited to leverage Coral Tree’s deep industry expertise for the benefit of our customers.”
“AMI is a trusted partner for thousands of bar and restaurant owners and the network of operators that support them,” added Alan Resnikoff, Partner at Coral Tree.
“We are extremely impressed by AMI’s track record of providing best-in-class service and see tremendous opportunity for continued growth. We look forward to leveraging our experience across media and entertainment to partner with the entire AMI team as we enter the next phase of growth.”
The hand-off follows a five-year relationship at Gores. “Gores and AMI have enjoyed a high successful partnership since 2017, marked by innovation in AMI’s product portfolio, geographical expansion, and execution on organic and inorganic growth initiatives,” concluded Alec Gores, Chairman and CEO of The Gores Group.
“We are confident that this growth and success will continue, and we believe AMI has a bright future ahead with a strong partner in Coral Tree.”
Solomon Partners LP and Stephens Inc. served as financial advisors to Gores, while Foley Hoag LLP provided legal counsel. Kirkland & Ellis LLP served as legal advisor to Coral Tree.