Date: 16th January, 2014
Amid rumours of funding difficulties, Jersey Jack Pinball today announced they had sold part of the company to the investment arm of JDA - an equity investment and restructuring firm.
The deal appears to closely match the one undertaken by Stern Pinball at the end of 2009 which brought in Dave Peterson of Hagerty Peterson as an investor.
No further details of the deal with JDA have been released except that JDA came to Jersey Jack Pinball with an investment proposal and the founders of the equity investment firm are pinball enthusiasts, owning more than 40 machines including The Wizard of Oz from JJP.
The deal will see JDA take a stake in the company, supply additional funding, and provide restructuring and organisational advice to help ensure financial stability in the short to medium term. This should remove any doubt about the completion of The Wizard of Oz's run, and give reassurance to pre-orderers of JJP's second title, The Hobbit.
Undoubtedly this will lead to some changes at Jersey Jack Pinball as efficiency savings are found and workflows streamlined, and we'll be sure to bring them to you as they are announced.
Here's how JJP announced the deal:
Lakewood, New Jersey - January 15, 2014 - Jersey Jack Pinball, Inc., the industry leading designer and manufacturer of premium, no-compromise pinball machines announces that they have entered into an equity partnership with the investment arm of JDA.
The founding group of JDA has a proven track record of success and generated over $40 million dollars for their shareholders in their last transaction.
This partnership will now enable Jersey Jack Pinball, Inc. to have the resources to fund multiple game platforms, expand into related technologies and markets, and to provide a catalyst for growth. It further provides Jersey Jack Pinball, Inc. with deeper management and financial resources.
"We are very excited to combine the strengths of these two dynamic organizations. The expanded talent, experience and financial strength that this brings will enhance the future products we are able to build and add to the enjoyment of our player base." said Jack Guarnieri, Jersey Jack Pinball, Inc. Founder.
The principals at JDA are true pinball enthusiasts as well and personally own over 40 pinball machines including Jersey Jack Pinball, Inc. world renowned The Wizard of Oz Pinball Machine.
About Jersey Jack Pinball, Inc.
Jersey Jack Pinball, Inc. was founded in 2011 with a passion to build premium, no-compromise pinball machines. Games built with passion and games that are fun to play which will become treasured for years to come. The first game that Jersey Jack Pinball, Inc. is building is The Wizard of Oz Pinball Machine. The game is now in full production with more than 700 games shipped as of December 2013. More games are popping up in commercial locations and in home game rooms all around the world. The company is in development of The Hobbit Pinball machine which will ship late in 2014.
JDA is a private holding company developed for the purpose of transitional holdings of interest, incubation and performance of advisory services associated to the business interests of its shareholders. The shareholders of JDA have companies in the technology space including servicing the blind and developing critical mass computer applications, holdings of over $10 million in real estate, interests in gold and silver mining, a world class training facility for gymnastics and all star cheer, and consulting services that tailor to the telecom, data and technology sectors.
© Pinball News 2014