Coastal Amusements has sold a majority of its shares to a private equity firm.
The designer, manufacturer and importer of coin-op ticket and redemption games has sold them to Surge Private Equity, based in Dallas, US. The financing for the transaction was provided by NorthCoast Mezzanine and Minnesota Bank & Trust.
Surge says that through the purchase, it aims to leverage Coastal’s expertise and market position to capitalise on the growing demand for entertainment experiences. In a release, the company added that the investment will allow Coastal to develop new products and enhance the customer experience.
Juan Pablo Andrade, vice president at Surge, said: “Sal and Lenny, who will remain with the company, have created an impressive business over the past 35 years and we are excited to be a part of the continued success.”
Coastal co-founder, Sal Mirando, said: “We look forward to working with Tom and Juan at Surge and taking Coastal to the next level.” The company’s other co-founder, Lenny Dean, added: “In the meantime, we will both be at the helm, along with Mike, and it’s business as usual. We ain’t going nowhere.”
