Searchlight Capital Partners Acquires Digital Jukebox Giant TouchTunes

NEW YORK CITY -- Searchlight Capital Partners today announced that funds managed by Searchlight have entered into a definitive agreement to acquire a controlling interest in TouchTunes Interactive Networks Inc. TouchTunes administers 71,000 jukeboxes in bars and restaurants across North America and Europe. Cost of the transaction was not disclosed.

TouchTunes' senior management team will continue to be a significant shareholder in the business. Chief executive Charles Goldstuck told Vending Times he is increasing his ownership stake in the digital jukebox company.

Searchlight founding partner Eric Zinterhofer said, "We are deeply impressed by the management of TouchTunes. Charles Goldstuck and his team have a clear track record of successful innovation, on which they have built a market-leading business in an attractive sector. TouchTunes has many exciting opportunities both in North America and internationally. We look forward to supporting the company as it executes on this next phase of growth."

Goldstuck added, "Searchlight is the perfect partner for TouchTunes as we prepare for the next phase of our global growth plan. They are extremely well versed in the global digital media world, and are perfectly positioned to help the company expand on its forward-looking innovation efforts."

TouchTunes' previous investors were British private equity firm 3i and venture capital firm VantagePoint Capital Partners (formerly VantagePoint Venture Partners).

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