Chime Communications plc (LN: CHW) has wrapped up the $76 million acquisition of motorsports marketing firm Just Marketing InternationaI Inc. (JMI).
The deal marks an exit for New York private equity firm Spire Capital, which partnered with Indiana Investment Fund in 2008 to buy JMI with the goal of diversifying the client base and expanding internationally. JMI is headquartered in Indianapolis and boasts offices in London and Hong Kong. The company represents clients in both the Formula One and National Association for Stock Car Auto Racing (Nascar) genres of racing.
Investment bank Rothschild ran the sale process for JMI. The target’s founder, Zak Brown, will remain on board as CEO. The transaction will see JMI integrated into London-based Chime's sports marketing division, CSM Sport & Entertainment.