TA Associates, a global growth private equity firm, has acquired TouchTunes, an in-venue, interactive music, and entertainment platform, from funds advised by Searchlight Capital Partners LP and Newlight Partners LP.
The deal will aim to accelerate TouchTunes’ growth and innovation within existing and new markets. TouchTunes has a network of over 65,000 connected digital jukeboxes in bars, pubs, and restaurants across North America and Europe. The firm’s products adapt over time to highlight songs and artists popular within a certain location. Additionally, the jukeboxes can be controlled from the hardware itself and through the firm’s companion app on a user’s cell phone.
“TA is highly impressed with the deep commitment TouchTunes has to creating a high-quality music experience,”said Michael Berk, a managing director at TA. “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. 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.”
LionTree Advisors served as exclusive financial advisor to TouchTunes and its shareholders on the transaction.