Searchlight Capital to Buy 3i Stake in TouchTunes for £38M
April 03, 2015
Searchlight Capital has entered into a definitive agreement to acquire 3i Group's stake in TouchTunes for £38 million. Backed by 3i since 2011, TouchTunes provides an interactive music and entertainment platform that allows users to find nearby jukebox locations, create playlists and control the music in venues directly from their phone. The company currently has a presence in over 71,000 restaurant and bar locations across North America and Europe. 3i's exit generated a 22% IRR and a 2.1x money multiple on its initial £24 million original investment.