Chime Communications plc Aquires Global Motorsports Agency JMI
25 Oct 2013
CHIME COMMUNICATIONS PLC ACQUIRES GLOBAL MOTORSPORTS AGENCY JMI
Chime Communications PLC today announced the strategic acquisition of JMI, a global marketing firm focused on motorsports. JMI will become part of its sports marketing division, CSM Sport & Entertainment.
In a deal, announced by CSM Sport & Entertainment Executive Chairman, Lord Sebastian Coe, and JMI Founder & CEO Zak Brown, Chime acquires JMI as a wholly-owned subsidiary. In doing so the company is represented in global motorsports and establishes its presence in the US marketplace for the first time.
JMI was founded by Zak Brown in 1995 and employs approximately 130 people in the US, UK and Hong Kong. It offers a host of integrated marketing services, operating predominantly in Formula One™, NASCAR and IndyCar. JMI has key relationships throughout the sport and a stable base of large blue-chip clients.
Lord Coe commented: “This is the most sizeable acquisition CSM Sport & Entertainment has made to date and signals our strategic entry into the exciting world of motorsports and the important US market. This is a deal that makes sense for CSM Sport & Entertainment on multiple levels. It will bring value to shareholders, clients and employees alike, as motorsports and the US are two untapped areas for CSM Sport & Entertainment and to be truly global we have to be in them. On top of that, Zak's record and leadership in driving major sponsorship deals will be a significant boost for our overall business."
Zak Brown will remain CEO of JMI within the Chime Group, heading up a new motorsport division and also becomes Global Head of Business Development within CSM Sport & Entertainment.
Brown commented: "This is the most exciting moment in JMI's history. CSM Sport & Entertainment was the perfect choice to take JMI forward and we couldn't be more delighted that our futures are bound together. We recognised the synergies from the start and the potential for our clients and our people is massive.”
Jim Glover, CEO of CSM Sport & Entertainment said: “JMI’s reputation and performance are both outstanding and make the company a natural choice for CSM Sport & Entertainment as an acquisition. As the industry leader no-one knows global motorsports marketing like JMI and having Zak and his talented colleagues on the team will help build on CSM Sport & Entertainment’s leading position in the industry."