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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