Leading digital jukebox business AMI Entertainment Network [1], that provides tech-driven in-venue digital music and video entertainment and advertising content to the bar and restaurant industries has been acquired by Coral Tree Partners [2], a Los Angeles-based media and entertainment focused private equity firm, from The Gores Group, LLC [3].
Mike Maas, CEO of AMI Entertainment told us “AMI leads the industry in innovation and customer service, and we’re poised to continue this strong momentum as we expand into new areas. 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.”
Founded in 1909 under the National Automatic Music Co. name, AMI has been deeply ingrained in the bar and restaurant entertainment industry for more than a century. Today, AMI operates a network of over 30,000 digital jukeboxes and video systems, delivering music, video and advertising content to patrons in venues throughout North America and the United Kingdom. AMI is headquartered in Grand Rapids, MI with additional offices in Chicago and the United Kingdom.
Alan Resnikoff, Partner at Coral Tree, said “AMI is a trusted partner for thousands of bar and restaurant owners and the network of operators that support them. 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.”
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.