TA Associates to Acquire TouchTunes
TouchTunes, a leading in-venue, interactive music and entertainment platform, today announced that TA Associates, a leading global growth private equity firm, has signed a definitive agreement to acquire the company from funds advised by Searchlight Capital Partners, L.P. (“Searchlight”) and Newlight Partners LP (“Newlight”). Partnering together, TouchTunes and TA aim to accelerate the company’s growth and innovation across existing and new markets. Financial terms of the transactions were not disclosed.
TouchTunes has established a network of more than 65,000 connected digital jukeboxes in bars, brewpubs, restaurants and other social spaces across North America and Europe. The company’s digital jukeboxes allow music lovers to choose the music that plays in their favorite venues, adapting over time to highlight the songs and artists most played in a location. Music selections can be controlled from the jukebox or smartphones through the company’s popular companion app, which also helps users find nearby jukebox locations. TouchTunes jukeboxes also offer a variety of interactive experiences, including an integrated photo booth solution.
“TA is highly impressed with the deep commitment TouchTunes has to creating a high-quality music experience. The company’s continuous innovation, strong relationships with venues and jukebox operators, and skilled management team all help to deliver the desired experience for customers,” said Michael Berk, a Managing Director at TA. “TouchTunes has already established itself as a market leader, but we see opportunity for continued innovation and expansion. We are excited to invest in TouchTunes at this moment in its growth and look forward to partnering closely with the TouchTunes management team.”
“TouchTunes has succeeded by delivering innovative, shared music experiences that inspire emotional connections,” said Ross Honey, TouchTunes President and CEO. “TA is an ideal partner for TouchTunes moving forward as we look to continue our growth, offering the experience and resources we need to accelerate expansion of TouchTunes’ network, audience and markets. We look forward to working with TA to build on our strengths and drive new opportunities. We would also like to thank both Searchlight and Newlight for their partnership and guidance over the past few years.”
LionTree Advisors served as exclusive financial advisor to TouchTunes and its shareholders on the transaction.
The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in early April.