Acquisition strengthens Mood Media’s position in Europe
Leading in-store media provider Mood Media Corporation (TSX:MM/ LSE AIM:MM), today announced the acquisition of PELIKA Business Music Oy (Pelika) for US $9.8 M, implying an acquisition multiple of 4.9 x EBITDA.
Pelika is a dominant market leader in digital business music solutions in Finland, predominantly serving clients in the hospitality sector.
Lorne Abony, CEO & Chairman of Mood Media Corporation, remarked:
‘We are excited about the Pelika acquisition for a number of reasons. Firstly, Pelika has a clear market leadership position in the Nordic region and its acquisition at an attractive multiple strengthens and scales Mood’s international in-store media network.
‘Secondly, Mood is acquiring a strong product as well as a strong operating business. We believe that Pelika’s specialized bar and restaurant product has applicability across Mood’s international network in the hospitality sector, a market segment where we see strong growth potential. By acquiring Pelika we immediately acquire the ability to serve this segment while eliminating potentially significant development costs.
‘Finally, the acquisition will enable Pelika’s management team to sell Mood Media’s wider range of digital signage and other in-store media products and services to their long-term client base. The Pelika acquisition further cements Mood’s leadership in Europe.’
Pelika management are expected to remain with the business.
-ENDS-
About Mood Media Corporation
Mood Media Corporation (TSX:MM/ LSE AIM:MM) is a leading in-store media specialist that uses a mix of music, visual and scent media to help its clients communicate with consumers with a view to driving incremental sales at the point-of-purchase.
Operating through its two principal divisions; In-Store Media and Retail Point-of-Purchase; Mood Media Corporation works with more than 800 retail chains in more than 30 countries throughout North America, Europe, Asia and Australia.
Mood Media Corporation was formed in June 2010, following the acquisition of Mood Media Group SA by Fluid Music Canada, Inc.
Through its subsidiaries Mood Media and Somerset Entertainment, Mood Media Corporation is driving growth of in-store media solutions across multiple markets.
Mood Media Corporation operates an international in-store media and music retail business with an extensive geographic footprint and a broad client base including several multinational blue chip organizations.
For more information on Mood Media Corporation visit www.moodmedia.com or contact:
Lorne Abony
Mood Media Corporation
T: +1 (416) 510 0527
or
Gioconda Beekman
Fleishman-Hillard
Tel: +44 20 7395 7068
E-mail: gioconda.beekman [at] fleishmaneurope.com
Source: Mood Media Corporation
