BRS and Palladin Announce Formation of InMotion Entertainment Group
NEW YORK, NY and BOSTON, MA - October 2, 2013 - Bruckmann, Rosser, Sherrill & Co. (“BRS”) and Palladin Consumer Retail Partners, LLC (“Palladin” or “PCRP”) announced today the formation of InMotion Entertainment Group, LLC (“InMotion Entertainment” or the “Company”), a new company that has acquired substantially all of the InMotion Entertainment, Soundbalance, and Headphone Hub branded entertainment and electronics airport retail businesses formerly operated by Project Horizon, Inc., a subsidiary of Gate Petroleum Company. Terms of the transaction were not disclosed.
InMotion Entertainment Group, based in Jacksonville, Florida, is the largest airport-based retailer of headphones, mobile device accessories and other consumer electronics. InMotion Entertainment will be led by the senior management team of Project Horizon, Inc. The Company operates nearly 80 locations in airports across the United States under the InMotion Entertainment, Soundbalance, and Headphone Hub banners, located in the nation’s busiest airports and offers the latest consumer electronics products and market-leading brands. Known for their curated product selection, InMotion Entertainment also has exclusive airport partnerships with Beats by Dr. Dre, Bang & Olufsen, and Samsung.
BRS and Palladin are private equity firms with extensive experience investing in and building leading retail and consumer brands. BRS and Palladin have partnered in the past, most recently for Things Remembered, the leading retailer of personalized gifts with over 600 stores worldwide, which they owned together from 2006 to 2012.
Jeremy Smith, CEO of InMotion Entertainment, said, “We are excited to partner with BRS and Palladin whose significant experience in retail and other consumer businesses will provide InMotion Entertainment with valuable strategic guidance.”
Tom Baldwin, a Managing Director of BRS, said, “We have been very impressed by Jeremy and his management team, who have successfully increased the Company’s market share and strengthened its position in airport retail. They have grown successfully by providing travelers with a broad selection of products and a great shopping experience.”
Mark Schwartz, CEO of Palladin, added, “Consumers are increasingly shopping at retail stores in airports and consumer electronics is one of the fastest-growing segments within airport retail. As one of the best-in-class operators, and one that caters to a very attractive demographic base, we believe InMotion has a tremendous opportunity to grow both domestically and abroad.”
Fifth Street Finance Corp. provided debt financing and co-invested in the equity in the transaction. Kirkland & Ellis LLP acted as legal advisor to BRS and Palladin. Wells Fargo Securities, LLC acted as the exclusive financial advisor and Holland & Knight acted as legal advisor to Project Horizon, Inc.
About InMotion Entertainment Group, LLC (www.inmotionstores.com)
About BRS (www.brs.com)
About Palladin (www.pcrp.com)
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