COLUMBUS, Ga. -- Carmike Cinemas, Inc. (NASDAQ: CKEC), a leading entertainment, digital cinema and 3-D motion picture exhibitor, today announced the closing of its previously announced purchase of 16 entertainment complexes with an aggregate of 251 screens based in seven states and 13 individual markets from Rave Reviews Cinemas, LLC (Rave), a portfolio company of BV Investment Partners.
Carmike Cinemas President and Chief Executive Officer David Passman stated, "This transaction is an important step along our path to achieving Carmike's current goal of expanding the Company's theatrical circuit to 300 entertainment complexes and 3,000 screens. We believe that we have ample liquidity and financial flexibility to facilitate our growth and will seek additional acquisition opportunities that will further enhance long-term value for our shareholders. We expect to quickly re-brand and integrate all 16 state-of-the-art theatres into the Carmike family and we enthusiastically welcome our new associates."
Of the 16 theatres purchased, six are located in Alabama, four in Florida, two in Indiana, and one each in Illinois, Pennsylvania, Tennessee and Texas. All 251 auditoriums are fully digital and include stadium seating. Approximately 40% of the screens are 3-D-capable and seven theatres include IMAX® large format screens. All 251 screens are participants in the Screenvision Cinema Network.
Macquarie Capital acted as financial advisor and King & Spalding LLP acted as legal counsel to Carmike Cinemas in this transaction. Foros acted as financial advisor and Ropes & Gray LLP acted as legal counsel to Rave Reviews Cinemas.