InMotion Entertainment Group, a portfolio company of Bruckmann, Rosser, Sherrill & Co. (BRS) and Palladin Consumer Retail Partners, has acquired Airport Wireless Holdings, an airport-based retailer of consumer electronics. BRS and Palladin formed InMotion in October 2013 to acquire all of the InMotion Entertainment, Soundbalance, and Headphone Hub branded entertainment and electronics airport retail businesses from Project Horizon, a subsidiary of Gate Petroleum Company.
Airport Wireless Holdings (APW) is the second-largest airport-based retailer of consumer electronics and accessories in the United States. The company operates under five brands: Airport Wireless; TechShowcase; Tech Interaction; Tech in a Sec, and Touch Table. The company was founded in 1998 by Iris Goldschmidt and is headquartered in new West Palm Beach in Wellington, FL (www.airportwireless.com).
With the acquisition of APW, InMotion Entertainment Group now has more than 120 locations in all major airports across the United States. “The acquisition of APW accelerates the growth of InMotion by enhancing our footprint and increasing our market share. Further, we are excited that the combination of InMotion and APW will enable us to provide airport shoppers with greater access to the leading brands and products in consumer electronics and travel accessories,” said Jeremy Smith, President and CEO of InMotion Entertainment Group.
Bruckmann, Rosser, Sherrill & Co. (BRS) invests in middle market consumer goods and services businesses and has $1.4 billion of committed capital under management. Since 1996, BRS has purchased over 40 portfolio companies for aggregate consideration of over $6.4 billion. In addition, BRS portfolio companies have completed approximately $1.9 billion of add-on acquisitions. Prior to forming the firm, the founders of BRS were in the financial acquisition business at Citicorp Venture Capital where they closed 25 transactions with aggregate transaction values totaling $5.8 billion. The firm is based in New York (www.brs.com).
Palladin Consumer Retail Partners, previously known as Palladin Capital Group, invests exclusively in retail and consumer products companies in North America and Europe that have revenues ranging from $50 million to $500 million. Palladin invests from $10 million to $50 million of equity capital in each transaction. Palladin is investing out of its current fund which was closed in April 2012. The firm was founded in 1998 and is based in Boston (www.pcrp.com).
Fifth Street Finance – which provided the original debt for the In Motion acquisition in October 2013 – provided debt financing for this add-on acquisition. Kirkland & Ellis acted as legal advisor to BRS and Palladin.
2015 PEPD • Private Equity’s Leading News Magazine • 5-18-15