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TheStreet Open House

Carmike Cinemas Completes Acquisition Of Nine State-of-the-Art Theatres And 147 Screens From Muvico Theatres

Stocks in this article: CKEC

Carmike Cinemas, Inc. (NASDAQ:CKEC), a leading entertainment, digital cinema and 3-D motion picture exhibitor, today announced the completion of its previously announced purchase from Muvico Entertainment, L.L.C. (d/b/a Muvico Theatres) of nine entertainment complexes with an aggregate of 147 screens in Florida, California, and Illinois.

Carmike Cinemas’ President and Chief Executive Officer David Passman stated, “This completed transaction is an important step along our path to achieving Carmike’s current goal of further growing our theatrical circuit to 300 entertainment complexes and 3,000 screens. We believe the expanded scale this acquisition brings to our operations positions Carmike to continue building long-term value for all stakeholders. In the current industry environment, which is favorable for further consolidation, we believe we have ample additional financial capacity to further optimize our theatre portfolio through attractive acquisition opportunities. We enthusiastically welcome our new Muvico associates to the growing Carmike family.”

Of the nine theatres purchased, seven are located in Florida, with one each in Illinois and California. Ninety seven percent of the acquired auditoriums are digital and feature stadium seating. Approximately 24 percent of the screen count is 3-D-capable and four theatres have premium large format screens – two IMAX ® and two MuviXL. Every location features select auditoriums that contain D-BOX motion-code action seats, and a majority of the theatres offer beer and wine service. Each of the Thousand Oaks, Calif., and Rosemont, Ill., locations contains within the theatre complex a Bogart’s Bar & Grill full-service restaurant. All 147 screens are participants in the Screenvision Cinema Network, which includes more than 14,000 screens throughout the US. Inclusive of the Muvico screens, Carmike’s theatre portfolio now consists of 257 theatres with an aggregate of 2,681 screens in 37 states.

Macquarie Capital acted as financial advisor, and King & Spalding LLP acted as legal counsel, to Carmike Cinemas in this transaction. Dresner Partners acted as financial advisor, and Seyfarth Shaw LLP acted as legal counsel, to Muvico Entertainment, L.L.C., in this transaction.

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