May 1, 2023

New Firm Offers Clients Strategic Communications, Data Analytics and Insights, Government Relations, Digital Strategy, Creative Content, and Advertising Services

Washington, DC – Monday, May 1, 2023 – Subject Matter and Kivvit announced today that they have joined forces to create a new national agency that combines strategic communications, data analytics and insights, government relations, digital strategy, creative content, and advertising services into a single integrated consultancy.

The firm, with more than 200 people, will have offices in Washington, New York, Chicago, New Jersey, and an emerging presence in Miami. Together, Subject Matter+Kivvit offers clients access to experienced professionals at the top of their fields, as well as strategic business, government and media relationships that span the national landscape. The combined firm is approaching $100 million in annual revenue, becoming one of the largest independent agencies in the United States.

“The talent pool in these two firms is truly amazing. Combining this breadth and level of experience will allow us to offer clients the scale and expertise of a large firm, but with the personal touch of a boutique agency,” said Nicole Cornish, CEO of Subject Matter.

Kivvit is renowned for data-driven insights that power large-scale digital advertising campaigns and sophisticated communications strategy for clients in finance, higher education, energy, and health care. Subject Matter boasts one of Washington’s leading bipartisan government relations teams and an expansive creative advocacy capability that supports clients across public health, finance, education, technology, communications, and transportation.

“Effective advocacy requires constant evolution,” said Subject Matter Managing Partner Steve Elmendorf. “The integration of policy and communications has never been more important than it is today. Kivvit gives our practitioners more tools to break through the noise to achieve results for our clients.”

Kivvit CEO Eric Sedler added, “By partnering with Subject Matter we can tap into an expanded level of policy and creative expertise, something we’re eager to share with Kivvit’s clients.”

The new firm will operate under Coral Tree Partners, a Los Angeles-based private equity firm that acquired an ownership position in Subject Matter in 2022.

“We’re excited to facilitate this type of growth,” said Will Wynperle, Partner at Coral Tree Partners. “The combination of these two firms not only establishes a sizable new entity with a national footprint, but it positions the combined agency for immediate growth. We anticipate that this is the first of a number of strategic acquisitions that help create the agency model of the future.”

“Our collective skills will allow us to meet the moment as our clients face new challenges every day,” said Dan Sallick, managing partner at Subject Matter. “We are excited to show our clients new thinking and services that will help make their efforts even more successful.”

The leadership at both firms will remain to head the combined business, including managing partners Steve Elmendorf, Paul Frick, Jimmy Ryan, Dan Sallick, and Eric Sedler. Nicole Cornish, previously CEO of Subject Matter, will continue to serve in this capacity for the new company. Molly Scherrman will be the new agency’s Chief Operating Officer, continuing the role she played at Kivvit. The new firm will operate under their current brands in the short term, with expanded leadership roles and rebranding anticipated later this year.

Kivvit was advised by M&A firm BrightTower while Seyfarth Shaw provided legal counsel. Subject Matter and Coral Tree were represented by Goodwin Procter.

About Subject Matter+Kivvit

Subject Matter+Kivvit is a data-driven communications and creative advocacy firm with offices in Washington, Chicago, New Jersey, New York City, and Miami. Our 200+ professionals provide a full suite of services — government relations, strategic communications, data analytics and insights, digital strategy, creative content, and advertising services — to meet clients’ greatest challenges with strategic solutions. For more information: www.teamsubjectmatter.com & www.kivvit.com

About Coral Tree Partners

Coral Tree Partners is a Los Angeles-based private investment firm focused on investments in the media, entertainment, marketing services, and communications industries. The Coral Tree team pursues lower middle market companies with strong growth potential, and has experience investing in its target sectors, including agencies and marketing services businesses. Coral Tree seeks to partner with teams where it can use its experience and relationships to provide strategic insight and drive substantial value creation. For more information, visit: www.coraltreelp.com

December 13, 2022

LOS ANGELES, Dec. 14, 2022 — AMI Entertainment Network (“AMI”), a leading digital jukebox business that provides tech-driven in-venue digital music and video entertainment and advertising content to the bar and restaurant industries, today announced that it has been acquired by Coral Tree Partners (“Coral Tree”), a Los Angeles-based media and entertainment focused private equity firm, from The Gores Group, LLC (“The Gores Group” or “Gores”), a global investment firm.

Founded in 1909 under the name National Automatic Music Co., AMI has been deeply ingrained in the bar and restaurant entertainment industry for more than a century. Today, AMI operates a network of over 30,000 digital jukeboxes and video systems, delivering music, video and advertising content to patrons in venues throughout North America and the United Kingdom. AMI is headquartered in Grand Rapids, MI with additional offices in Chicago and the United Kingdom.

“AMI leads the industry in innovation and customer service, and we’re poised to continue this strong momentum as we expand into new areas,” said Mike Maas, CEO of AMI Entertainment. “We are grateful to the Gores team for their support over the years as they have helped us build a strong foundation for future growth. Looking ahead, we are excited to leverage Coral Tree’s deep industry expertise for the benefit of our customers.”

Alan Resnikoff, Partner at Coral Tree, commented, “AMI is a trusted partner for thousands of bar and restaurant owners and the network of operators that support them. We are extremely impressed by AMI’s track record of providing best-in-class service and see tremendous opportunity for continued growth. We look forward to leveraging our experience across media and entertainment to partner with the entire AMI team as we enter the next phase of growth.”

Alec Gores, Chairman and CEO of The Gores Group, added, “Gores and AMI have enjoyed a highly successful partnership since 2017, marked by innovation in AMI’s product portfolio, geographical expansion and execution on organic and inorganic growth initiatives. We are confident that this growth and success will continue, and we believe AMI has a bright future ahead with a strong partner in Coral Tree.”

Solomon Partners, LP and Stephens Inc. served as financial advisors to Gores, while Foley Hoag LLP provided legal counsel. Kirkland & Ellis LLP served as legal advisor to Coral Tree.

About AMI Entertainment

At AMI Entertainment Network, music is at the heart of everything we do. Founded in 1909 as an automated musical instrument company, AMI has spent more than a century developing hi-tech musical entertainment solutions for the bar, restaurant, and hospitality industries. With offices today in metro Chicago, Grand Rapids, and the UK, AMI and its network of business partners provide music and music video entertainment, as well as advanced digital advertising capabilities, to commercial businesses. For more information, visit www.amientertainment.com

About Coral Tree Partners

Coral Tree Partners is a Los Angeles-based private investment firm focused on investments in the media, entertainment, and communications industries. The Coral Tree team has a successful investment history in private equity, with decades of experience investing in lower middle market transactions in its target sectors. Coral Tree seeks to partner with teams where it can use its experience and relationships to provide strategic insight and drive substantial value creation. For more information, visit www.coraltreelp.com

About The Gores Group LLC

Founded in 1987, The Gores Group is a global investment firm focused on partnering with differentiated businesses that can benefit from the firm’s extensive industry knowledge and decades long experience. Over its 35-year history, The Gores Group has partnered with over 125 companies. For more information, please visit www.gores.com

April 25, 2022

LOS ANGELES — Coral Tree Management, LP (“Coral Tree”), an investment firm focused on partnering with growth-oriented businesses within the media, entertainment, communications, and related business services sectors, is pleased to announce the final close of its first fund, Coral Tree Partners, LP (the “Fund”), with total committed capital of approximately $470 million.  The Fund was significantly oversubscribed above its original hard cap and exceeded its target of $350 million.  The Fund received strong support from a range of high-quality institutional investors, including endowments, foundations, insurance companies, pension plans, institutional family offices, and funds-of-funds.

Headquartered in Los Angeles, CA, the Coral Tree team has significant experience investing across the media, entertainment, communications, and marketing services sectors. Founded by Will Wynperle and Alan Resnikoff, who were previously partners at Shamrock Capital Advisors, the firm focuses on lower middle market buyouts and late state growth equity investments. Other members of the team, including Mike DiLorenzo, Matt Greenzang, and Jake Simons have worked with the founders previously, and have significant experience in the target sectors. Joining the Coral Tree team is a seasoned group of executive advisors, comprised of several CEOs that have worked with the Coral Tree team in the past, including the former CEOs of Giant Creative, Learfield Sports, MarketCast, and Questex.

“Our investment experience in our sectors combined with our lower middle market focus differentiates us in the market,” said Will Wynperle, Partner at Coral Tree. “Our investors appreciate our strategy and value add approach, and we are fortunate to have them as long-term partners of Coral Tree.”

To date, the Fund has completed two investments: Loaded, a Santa Monica, CA-based global talent management and marketing firm that works with some of the biggest names in the gaming influencer market; and Subject Matter, a Washington, DC-based strategic communications, creative content and advertising, and government relations firm.

Credit Suisse acted as placement agent to Coral Tree for the Fund. Simpson Thacher acted as legal advisor.

About Coral Tree Partners

Coral Tree Partners is a Los Angeles-based private investment firm focused on investments in the media, entertainment, marketing services, and communications industries. The Coral Tree team has a successful investment history in private equity, with decades of experience investing in lower middle market transactions in its target sectors, including agencies and marketing services businesses. Coral Tree seeks to partner with teams where it can use its experience and relationships to provide strategic insight and drive substantial value creation. For more information, visit www.coraltreelp.com

Media Contact

William Wynperle
wwynperle@coraltreelp.com
818-731-2835

April 7, 2022

LOS ANGELES, Apr. 6, 2022 — Loaded, a leading independent global talent management and marketing firm for many of the world’s biggest gaming content creators, brands, and game developers, today announced $20M in growth equity funding led by Coral Tree Partners, a Los Angeles-based private equity firm focused on sports, media, and entertainment. The funding will support the company as it continues to scale, diversify, and expand offerings for its talent, brand, and publisher clients.

The new funding comes at a time of explosive growth for the company, parallel with the rapid expansion of today’s $200-billion gaming industry, which is amplified by mainstream attention from tech and media companies. Throughout the past year, Loaded expanded its roster of established and emerging talent with new signings including Myth, Doublelift, and Sydeon, among others, as well as facilitated key platform and brand deals for established stars shroud, CouRage, DrLupo, and Ludwig. Recognized as experts in the gaming and content space, Loaded also has continued to build out its consultancy business, serving Fortune 500 companies such as Beats by Dre, Gillette, and Amazon.

As the industry continues to thrive, this investment will further support Loaded’s key initiatives, including investing in data and analytics tools to benefit its talent, entertainment, and brand partners. Loaded will continue to hone its best-in-class services that focus on supporting key areas of gamers’ careers, from growth, engagement, and optimization to expanding brand partnerships and forays into the metaverse and Web3 technologies. The round will also support new hires, as well as the investment of complementary partners in talent, marketing, and data and analytics, to increase Loaded’s overall global initiatives in management, consultancy, and branded content. In addition, Loaded expects to use proceeds for opportunistic M&A to accelerate initiatives and overall growth.

Loaded also announced promotions of the executive team that will drive its next phase of growth. Josh Swartz, who joined Loaded as Chief Operating Officer after C-Suite tenures at Wasserman, Relativity Sports, and Catalyst Sports & Media, has been elevated to Chief Executive Officer; Bridget Davidson, who joined Loaded in 2020 after holding senior positions at Riot Games, has taken the helm as President of its industry-leading Talent Management division. Brandon Freytag, who co-founded Loaded and previously served as President of Talent, is now Chief Creator Monetization Officer. Long-time Loaded executive, Niles Heron, will serve as Chief Communications and Culture Officer. Rounding out the senior team, new hires Jeff Pabst joins Loaded as Chief Commercial Officer after serving as Chief Revenue Officer of FaZe Clan, and Paul Conroy joins as President of Loaded Ventures after helping to launch and build brands such as The Vans Park Series and Hayley Williams’, Good Dye Young.

Alan Resnikoff, Partner at Coral Tree Partners, and Henry Shapiro, Executive Advisor at Coral Tree Partners and former CEO (now Chairman) of MarketCast, will be joining Loaded’s board of directors in conjunction with the investment.

“Since its inception, Loaded has supported the work of an incredible roster of talent who have been responsible for helping shape the future of gaming. Now, as non-endemic brands and companies look to engage with the gaming community, we are able to combine our deep subject matter expertise, insights, and relationships to improve and evolve the industry for everyone who wants to be part of it,” said Josh Swartz, CEO of Loaded. “Funding from Coral Tree Partners allows us to target acquisitions in the data and analytics sector of gaming, which will generate new opportunities for all our talent, brand, and publisher clients. We will be growing both organically and through M&A and we are excited to continue expanding our service offerings to further our mission of being an indispensable part of the development, marketing, and growth of the video gaming community.”

Coral Tree Partners, which invests exclusively in sports, media, and entertainment businesses, led this strategic round. “Loaded sits at the intersection of gaming and influencer marketing, two growth sectors we have been following for a long time. Loaded is particularly well positioned to capitalize on the industry tailwinds in these sectors given its exceptional client roster, strong management team, and reputation for providing white glove service to both its clients and partners in the gaming community. We could not be more excited to partner with the team at Loaded in their next phase of growth,” said Alan Resnikoff.

About Loaded

Loaded is a leading global gaming firm supporting talent, brand, and developer clients, and new ventures with a mission to lead in the development, marketing, and growth of the gaming industry. Shroud, DrLupo, CouRage, Myth, Summit1G, QuarterJade, AnneMunition, Sydeon, Doublelift, CohhCarnage, and many others comprise Loaded’s best-in-class talent roster, which attracts global brand and media attention from the world’s leading brands. Across industries, global business leaders including Gillette, Red Bull, Capitol Records, Verizon, Amazon, Samsung, Activision, and other brands looking to meaningfully advance their presence in gaming, partner with Loaded and its talent to do so. For more information visit www.loaded.gg

About Coral Tree Partners

Coral Tree Partners is a Los Angeles-based private equity firm focused on investments in the sports, media, and entertainment industries. Founded by Will Wynperle and Alan Resnikoff, the Coral Tree team has a successful investment history in private equity, with decades of experience investing in lower middle market transactions in its target sectors, including agencies and gaming related businesses. Coral Tree seeks to partner with teams where it can use its experience and relationships to provide strategic insight and drive substantial value creation. For more information, visit www.coraltreelp.com

February 28, 2022

WASHINGTON, Feb. 28, 2022 /PRNewswire/ — Leading creative advocacy firm Subject Matter today announced an investment by Coral Tree Partners, a Los Angeles-based private equity firm. The partnership will enable the Company to add new capabilities to better serve client needs while accelerating Subject Matter’s growth. Daily business operations will continue to be overseen by Chief Executive Officer Nicole Cornish, and Subject Matter’s founders.

Subject Matter was formed through a 2015 merger that combined strategic communications, creative content and advertising, and government relations under one roof. Managing partners Steve Elmendorf, Paul Frick, Jimmy Ryan, and Dan Sallick saw an opportunity to pioneer a new, fully integrated approach the Company calls creative advocacy. Today, Subject Matter offers a full 360-degree suite of services, driven by a diverse set of communications practitioners and an acclaimed government relations team, supporting a portfolio of corporate, trade association, and nonprofit clients. The Company’s integrated strategy approach has helped drive tremendous growth year-over-year.

“The Coral Tree partnership marks the next chapter in Subject Matter’s story. We’ve proven that the combination of strategic thinking, creative ideas, and coordinated execution is a winning formula. With Coral Tree we have an opportunity to take it to the next level, crafting customized, creative strategies that deliver real time results and align with longer term strategic positioning and objectives,” said managing partner Steve Elmendorf.

“We see real potential for growing the team we’ve assembled,” said managing partner Dan Sallick. “Coral Tree’s support allows us to be very strategic in continuing to define and expand our vision of creative advocacy.”

Will Wynperle, partner at Coral Tree, commented, “Subject Matter serves as a trusted partner for many world-class organizations that seek to effectively communicate strategic initiatives both within the Beltway and more broadly. We see tremendous opportunity to continue building off the Company’s strong reputation and track record as well as its positioning at the center of numerous secular tailwinds. We look forward to leveraging our experience across the marketing and communications landscape and working hand-in-hand with the entire Subject Matter team as we enter the next stage of growth.”

Subject Matter was advised by M&A firm BrightTower while WilmerHale provided legal counsel. Coral Tree was represented by Goodwin Procter.

About Subject Matter

Subject Matter is a creative advocacy agency based in Washington, DC, providing a full suite of services – creative ad campaigns, strategic communications, government relations, event coordination – that empowers clients with the solutions they need to shape stories and succeed. For more information, visit www.teamsubjectmatter.com

About Coral Tree Partners

Coral Tree Partners is a Los Angeles-based private investment firm focused on investments in the media, entertainment, marketing services, and communications industries. The Coral Tree team pursues lower middle market companies with strong growth potential, and has experience investing in its target sectors, including agencies and marketing services businesses. Coral Tree seeks to partner with teams where it can use its experience and relationships to provide strategic insight and drive substantial value creation. For more information, visit www.coraltreelp.com