Coral Tree Partners, a Los Angeles-based media and entertainment-focused private equity firm, has purchased AMI Entertainment Network, a digital jukebox business that provides digital music, video entertainment and advertising content to the bar and restaurant industries, from the Gores Group LLC.
AMI is headquartered in Grand Rapids, Mich. with offices in Chicago and the U.K. Founded in 1909 as National Automatic Music Co., AMI now operates a network of approximately 30,000 digital jukeboxes and video systems, offering music, video and advertising content to patrons in venues throughout North America and the U.K.
“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,” comments Mike Maas, CEO of AMI Entertainment. “Looking ahead, we are excited to leverage Coral Tree’s deep industry expertise for the benefit of our customers.”
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.