US-based Cleveland Coin Machine Exchange has announced the retirement of its CEO, Ronald A Gold and the acquisition of its stock by George Smith and the investment group that also owns Family Entertainment Group of Barrington, Illinois.
The union of FEG and CCME creates an organisation with the financial power and skill set to further Smith’s goal of consolidating the top firms in the coin-op amusement industry.
"This is a big deal," said Smith. "We expect that as word of the two organisations coming together spreads, other opportunities will come." FEG also recently completed the acquisition of game operator Skymart of Texas.
Gold joined CCME in 1957 and has been one of the guiding forces in the coin-op amusement industry. He led the multi-state firm in music, game and vending distribution prior to converting it into a national amusement arcade operator in 2004. He will retain his office in Willoughby, Ohio, and will support the new organisation on a consulting basis.
George Smith is the former president of the International Association for Leisure and Entertainment Industries and has held numerous educational and board positions with amusement industry trade groups. Prior to founding FEG in 2004 he has held senior management positions with Namco Cybertainment, Nancy Sales, Dream Machine, Paradigm Entertainment and Animaland.
