TA Associates, a global private equity firm, has signed a definitive agreement to acquire TouchTunes from funds advised by Searchlight Capital Partners and Newlight Partners, according to the companies. Partnering together, TouchTunes and TA aim to “accelerate the company’s growth and innovation across existing and new markets,” a release stated.
According to TouchTunes’ senior vice president of sales Jamie Sura, operators can rest assured that the company’s sales team will not change. TouchTunes leadership will also remain in place and they will “continue to provide you with the industry-leading products, sales and tech support that you have come to rely on.”
“TouchTunes has succeeded by delivering innovative, shared music experiences that inspire emotional connections,” said CEO Ross Honey. “TA is an ideal partner for TouchTunes moving forward as we look to continue our growth, offering the experience and resources we need to accelerate expansion of TouchTunes’ network, audience and markets.
“We look forward to working with TA to build on our strengths and drive new opportunities. We would also like to thank both Searchlight and Newlight for their partnership and guidance over the past few years.”
The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in early April. Financial terms were not disclosed.
TA Associates has invested in more than 550 companies around the world and has 100 investment professionals based in Boston, Menlo Park, London, Mumbai and Hong Kong.