InMotion Entertainment Group LLC has acquired the InMotion Entertainment, Soundbalance and Headphone Hub retail businesses.
The targets sell headphones, mobile device accessories and other consumer electronics in airports across the U.S.
InMotion Entertainment Group is a newly formed company, created by private equity firms Bruckmann Rosser Sherril & Co. (BRS) and Palladin Consumer Retail Partners LLC, and headquartered in Jacksonville, Fla.
The InMotion Entertainment, Soundbalance and Headphone Hub retail businesses were operated by Project Horizon Inc., a subsidiary of Gate Petroleum Co. Project Horizon’s management team will stay in place.
This is not BRS and Palladin’s first deal together. The two partnered for Things Remembered, a personalized gift brand that they owned from 2006 to 2012, before it was sold to Madison Dearborn Partners LLC for $295 million.
Fifth Street Finance Corp. (Nasdaq: FSC) provided debt financing and co-invested in the equity of the deal. Kirkland & Ellis LLP acted as legal counsel to BRS and Palladin. Wells Fargo Securities LLC acted as Project Horizon’s financial adviser, while Holland & Knight acted as legal counsel.
The deal follows an investment in Beats Electronics LLC, a headphone company, by the Carlyle Group (Nasdaq: CG).