Mood Media Acquires A Franchisee’s Assets
Adrian J Cotterill, Editor-in-Chief
Last Friday Mood Media Corporation (TSX:MM / LSE AIM:MM) announced that its subsidiary, Muzak, LLC (itself acquired March 2011) had acquired the assets of one of its largest franchisees, for USD 27.9 million in cash, 80% of which was payable on closing with the remaining 20% payable on the 12 month anniversary of closing, subject to certain post-closing purchase price adjustments.
The acquired franchisee offers a range of in-store audio, visual and scent solutions and operates in the U.S. mid-Atlantic region but was not named.
It was also stated that for the 12-month period ended June 30, 2012, the acquired franchisee had revenue and adjusted EBITDA of approximately USD 19.5 million and USD 4.2 million, respectively.
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