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Cinemark To Pay $240M For Rave Cinemas

By | Saturday November 17, 2012 @ 9:02am PST

The price includes cash and assumed liabilities and will give the Texas-based exhibition chain an additional 32 theaters with 483 screens in 12 states All of the screens have digital projectors, and 37% are 3D capable. The group also includes seven IMAX screens and nine premium large format auditoriums. “The acquisition of these high quality assets will further enhance Cinemark’s diversified domestic footprint, including the expansion of our presence in the New England market,” Cinemark CEO Tim Warner says. Over the last 12 months the theaters Cinemark is buying sold 18.8M tickets and generated $228.9M in revenues with $41.7M in cash flow. The companies need to run the deal past antitrust officials before it closes. Akin Gump Strauss Hauer & Feld provided legal advice to Cinemark while AGM Partners and Kirkland & Ellis helped Rave.

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Carmike Agrees To Buy 16 Theaters From Rave Reviews Cinemas

By | Monday October 1, 2012 @ 8:05am PDT

Carmike shares are up more than 9% in early trading after it announced its agreement to pay $19M — and assume $100.4M in lease obligations — for Rave’s 16 theaters with 251 screens in the south and mid-west. Carmike signaled its interest in acquisitions early this year when it launched a refinancing effort that included a $56.5M stock sale and $210M sale of senior secured notes. CEO David Passman calls today’s deal a “key, opportunistic development for Carmike as we recently embarked on a corporate mission of expanding our footprint to 300 theatres and 3,000 screens through attractive acquisitions.” Rave is controlled by private equity firm BV Investment Partners. The companies expect the deal to close by year end.

Here’s the release: Read More »

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