CTM Group Enters Into Agreement to Combine With ScooterBug Best Lockers, Creating Leading Global Provider of Outsourced Guest Solutions for the Entertainment
NEW YORK & SALEM, N.H. & ORLANDO, Fla., February 21, 2023–(BUSINESS WIRE)–CTM Group Inc. (“CTM”),
NEW YORK & SALEM, N.H. & ORLANDO, Fla., February 21, 2023–(BUSINESS WIRE)–CTM Group Inc. (“CTM”), a leading global provider of managed entertainment and souvenir solutions for tourist destinations and other high-traffic venues, today announced it has entered into an agreement to acquire ScooterBug Best Lockers, a leading provider of mobility and locker solutions across leisure and entertainment sites and major tourist destinations. Financial terms of the transaction were not disclosed. The transaction is expected to close later this month, subject to the satisfaction or waiver of customary closing conditions.
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ScooterBug Best Lockers offers guests a broad range of proprietary mobility solutions under the ScooterBug brand and provides best-in-class locker services under its Best Lockers brand to store belongings during visits to high-traffic tourist destinations. With more than 500 global customers, ranging from top theme park groups worldwide to casinos, ski resorts, zoos, aquariums and museums, ScooterBug Best Lockers is a global leader of revenue share convenience solutions.
With operations in all 50 states and across 13 countries on four continents, CTM is one of the largest owners and operators of entertainment and souvenir equipment for theme and amusement parks, zoos, aquariums, museums, tourist destinations, retail locations and other high-traffic venues globally. In 2018, CTM was acquired by affiliates of Z Capital Partners, LLC, the private equity fund management arm of Z Capital Group, LLC (“ZCG”).
The highly strategic transaction creates a leading provider of entertainment and need-based guest and tourist solutions across high-traffic tourist destinations throughout the U.S. and around the world. With complementary footprints and customer bases – including CTM’s deep relationships across mall, hotel resort and cruise customers and ScooterBug Best Lockers’ partnerships with ski resorts, casinos and waterparks – the combined business will be a global leader providing solutions for operators and an enhanced experience for guests, with opportunities to expand into new markets and geographies.
Following the close of the transaction, the combined business will be led by ScooterBug Best Lockers President and Chief Executive Officer Andrew Kindfuller and Chief Financial Officer Steve Tucker.
“This transformative transaction brings together two highly complementary companies and positions the combined business as the leading solutions provider at the most sought-after tourist destinations in the U.S. and around the world,” said James Zenni, Founder, President, and Chief Executive Officer of ZCG. “I look forward to working closely with Andrew and Steve to execute on a range of white-space opportunities that are expected to generate consistent growth and position the business for success over the long term.”
“Together, CTM and ScooterBug Best Lockers will deliver a broader suite of solutions for operators and an even better guest experience,” said Mr. Kindfuller. “CTM’s global platform in high-traffic retail and tourist destinations, longstanding relationships and service-focused approach align closely with our business and our values at ScooterBug Best Lockers. As a combined company, we expect to be able to capitalize on attractive tailwinds in the leisure and entertainment market and expand to new locations.”
About ScooterBug Best Lockers
Based in Orlando, ScooterBug Best Lockers is the global leader of entertainment and need-based guest and tourist solutions, offering guests and customers an extensive portfolio of mobility solutions and electronic lockers. Today, the company serves more than 500 global customers at some of the most highly trafficked and in-demand tourist locations and destinations around the world. For additional information, visit www.scooterbugbestlockers.com.
About CTM Group Inc.
Formed in 2002, CTM is a leading global provider of managed entertainment and souvenir solutions for tourist destination and other high-traffic venues, including theme and amusement parks, zoos, aquariums, museums and retail locations worldwide. CTM has an international network of blue-chip venue partners and more than 25,000 pieces of installed equipment in over 2,000 popular venues. CTM is the provider of choice for entertainment and souvenir concepts at iconic tourist and retail destinations. For more information, please visit www.ctmgroupinc.com.
CTM is a portfolio company of the private equity fund management arm of ZCG.
ZCG is a leading, privately held merchant bank comprised of private markets asset management, business consulting services, technology development and solutions.
For almost 30 years, ZCG Principals have invested approximately $30 billion and have industry leading track records in private equity and credit.
ZCG has approximately $6.5B of AUM in asset management and its investors are some of the largest and most sophisticated global institutional investors including pension funds, endowments, foundations, sovereign wealth funds, central banks, and insurance companies.
ZCG has a global team comprised of over 375 professionals. For more information, please visit www.zcg.com.
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