Mood Media buys Pelika Business Music
By Adnews Staff
Toronto-based in-store media provider Mood Media has acquired Pelika Business Music for US$9.8 million. Pelika is a digital business music provider in Finland, with clients predominantly in the hospitality sector. "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," said Lorne Abony, CEO and chairman of Mood Media. "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."