Headquartered in New Albany, Mississippi, VIP is the recognized leader in designing, manufacturing and servicing premium seating solutions for the movie theater industry. The Company provides a portfolio of seating solutions that suit the theatre's requirements for space utilization, quality and service.
Commenting on the investment, Stephen Simons, CEO of VIP Cinema, said:
"During the next few years, VIP intends to pursue significant business opportunities in our industry. Therefore, we wanted a financial partner that would bring a value added, supportive and partnership approach to their involvement. We are very pleased to have found these qualities in the team at MML Capital."
Mark A. Evers, a Partner at MML who recently joined VIP's Board of Directors stated:
"MML is delighted to have backed VIP's management team who has already built up an impressive business. As the key financial partner with trans-Atlantic resources, MML looks forward to working alongside management to achieve VIP's next stage of growth."
MML's investment was made from its fifth fund. Winston & Strawn LLP, Grant Thornton and EFA Partners served as MML's legal, financial and industry diligence advisors in connection with MML's investment.