CHICAGO – Dresner Partners, a leading FINRA-registered, middle-market investment bank and IMAP member firm, has announced that it advised Muvico Entertainment, L.L.C. in its sale to Carmike Cinemas, Inc., for $31.75 million in cash. The transaction closed November 20.
Headquartered in Fort Lauderdale, Fla., Muvico operates nine entertainment complexes with a total of 147 screens in California, Florida and Illinois. With its acquisition of Muvico, Carmike’s theatre portfolio will increase to 256 theatres and a total of 2,668 screens in 37 states.
“We are pleased that a circuit with the visionary leadership and caliber of seasoned management of Carmike will be the new stewards of the Muvico assets and brand,” said Neil Bretan, President and Chief Executive Officer of Muvico Entertainment, L.L.C. “We are confident Carmike's commitment to the high level of guest service Muvico has consistently delivered to our loyal guests over the last 20 years will make the transition to new ownership a seamless one for all.”
Mr. Bretan added, “We were very impressed by the work that Dresner Partners performed on our behalf. They ran an excellent transaction process while maintaining the highest standards throughout. From both a process and valuation perspective, the firm’s expertise, guidance and support served our goals especially well.”
“Carmike’s acquisition of Muvico will create a win-win for the two companies and for their customers,” said Omar Diaz, Managing Director at Dresner Partners. “Carmike is acquiring a technology leader and industry pioneer known for best-in-class premium service. Muvico enhances Carmike’s reach in locations with attractive target demographics.”
Steven Dresner, President of Dresner Partners, added, “It was a pleasure working with Muvico, which has a local connection to Chicago with a theater in suburban Rosemont. Muvico is a top-notch player in the film entertainment industry and a great asset for a company like Carmike that is looking to expand into new locations.”
Muvico has differentiated itself from the competition by building architecturally themed, state-of-the-art theaters offering amenities like expanded concession menus, VIP areas with full-service bars and restaurants, reserved seating and Internet ticketing. Muvico offers its guests an integrated entertainment experience that is not just about the movie, but one where the movie is part of the overall entertainment. The company’s theaters are located in Thousand Oaks, Calif., Rosemont, Ill., and Hialeah, Palm Harbor, Pompano Beach, St. Petersburg, Tampa, and West Palm Beach, Fla.
About Dresner Partners
Dresner Partners is a FINRA-registered, middle-market investment bank headquartered in Chicago, Illinois with an office in New York City. Founded in 1991, Dresner Partners provides financial advisory services to middle market companies throughout the world, including institutional private placements of debt and equity, merger and acquisitions advisory, financial restructuring & corporate turnarounds, valuations and strategic consulting services. Dresner Partners is also a member of IMAP, an exclusive global organization of leading merger and acquisition advisory firms. An affiliated company, Dresner Corporate Services, is a strategic communications firm specializing in public and investor relations. More information is available at www.dresnerpartners.com or www.imap.com/locations/office.cfm?OfficeID=416