WYOMING — AMI Entertainment Network LLC, a provider of digital jukeboxes and other products for the restaurant and bar industry, has been acquired by a Los Angeles private equity firm.
Coral Tree Partners, which focuses on the media and entertainment industries, bought AMI Entertainment Network from The Gores Group LLC, a global investment firm based in Beverly Hills, Calif. The Gores Group had owned Wyoming-based AMI Entertainment Network since 2017.
Terms of the deal were undisclosed.
“AMI leads the industry in innovation and customer service, and we’re poised to continue this strong momentum as we expand into new areas,” AMI Entertainment CEO Mike Maas said in an announcement on the deal. “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 as National Automatic Music Co., AMI Entertainment Network today operates a network of more than 30,000 digital jukeboxes and video systems that provide music, video and advertising content at venues in North America and the United Kingdom. The company also has offices in Chicago and the U.K.
“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,” said Alan Resnikoff, a partner at Coral Tree Partners. “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 The Gores Group and Foley Hoag LLP provided legal counsel on the transaction. Kirkland & Ellis LLP served as legal advisor to Coral Tree Partners.