August 7, 2015
LAKEWOOD, NJ — Jersey Jack Pinball LLC has closed on a “significant” investment deal led by ThinkLAB Ventures LLC, according to JJP founder and chief executive Jack Guarnieri. Terms of the transaction were not disclosed.
Miami-based ThinkLAB Ventures is led by Leonard Abess, an American banker and businessman. Joining Abess’s material investment in the Lakewood, NJ-based pinball machine company are Andrew Paul, managing director of Tudor Investment Corp., and Scott Flanders, chief executive of Playboy Enterprises Inc.
Abess gained national notoriety in 2008 when he sold his company, City National Bank of Florida, for $945 million and gave his staff a bonus of $60 million to share among themselves. As a result, he is a Time 100 honoree and Reader’s Digest’s America’s Best Boss. He is also a fervent pinball machine enthusiast.
“I have been a pinball fan my entire life,” Abess said. “In Jersey Jack Pinball I saw a company that has both the creative vision and technical abilities to renew and reinvigorate this industry. I have known Jack Guarnieri for many years and delighted in watching him develop the ultimate pinball game to date, The Wizard of Oz.”