Mood Media buys franchisee

Marketing firm Mood Media said its subsidiary, Muzak, had bought the assets of one of its biggest franchisees for 27.9 million dollars in cash.

The acquired company offered a range of in-store audio, visual and even scent solutions to attract customers, and operated in the U.S. mid-Atlantic region, Mood said.

For the 12 months to the end of June the target firm had revenue and adjusted EBITDA of around $19.5m and $4.2m, respectively.

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Mood said 80% of the cash owed was payable on closing with the remaining 20% payable on the 12 month anniversary of the deal, subject to certain post-closing purchase price adjustments.

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