The Beekman Group Forms New Vision Theatres, Acquires Assets from AMC & Carmike in Partnership with Leading Industry Execs
Beekman Investment Partners III, LP (“Beekman”) announced today that an affiliate has acquired select assets from AMC Entertainment Holdings, Inc. (NYSE: AMC) (“AMC”) and Carmike Cinemas (“Carmike”) and certain of their subsidiaries to create a leading movie theatre circuit of 16 locations across the U.S., with 184 screens and more than 500 employees. The new circuit, which will operate under the brand, New Vision Theatres (“New Vision”), is a diversified portfolio of theatres that focuses on first-run movies and offers a range of amenities, including IMAX, 3D, luxury seating, extensive food and beverage options, dine-in services, and alternative content. New Vision’s theatres attract a loyal customer base and under new management will continue to provide top-quality, affordable, out-of-home entertainment options in the communities in which they operate.
Consistent with its Industry Partner approach to investing, Beekman pursued the transaction with a team of experienced operators led by Dale “Bud” Mayo and Charles Goldwater, each of whom has an extensive track record of success in the theatre exhibition industry. Previously, Mr. Mayo was the Co-founder, Chairman and CEO of Digital Cinema Destinations from inception in 2010 through the successful sale of the company in 2014 to Carmike. He was also Co-founder, Chairman and CEO of Cinedigm from inception 2000 to 2010, leading the exhibition industry transition from film to digital cinema. Earlier, he was Co-founder, Chairman and CEO of Clearview Cinema Group which was acquired by Cablevision. Mr. Goldwater was most recently the Vice President – Strategic Initiatives of Carmike Cinemas and has held various senior positions over his career at Digital Cinema Destinations, Cinedigm Digital Cinema Initiatives, and Loews Cineplex. Mr. Mayo and Mr. Goldwater along with other members of the operating team co-invested in New Vision with Beekman.
“New Vision is a significant platform in an industry that has an exciting slate of new movie releases on the horizon such as “The Fate of The Furious” this weekend followed by Disney, Marvel and Star Wars franchise releases. We look forward to working with Beekman to execute our strategies to deliver more value and quality services to New Vision customers including expanded food and beverage programs, investments in facilities including recliners, and additional content in the theaters,” commented Mr. Mayo, Chairman of New Vision.
Mr. Goldwater, CEO of New Vision, added, “We are focused on customer service, providing our guests with everything they are accustomed to and more. Our management, especially our GMs and teams in the theatres, has years of experience in creating a local and customized experience in our theaters, and in partnership with Beekman whose principals also have significant industry expertise, we are committed to deliver that experience to our New Vision Theatre guests.”
Beekman’s Managing Partner, John G. Troiano commented, “The Beekman team identified the exhibitor industry as a stable, attractive segment for reasonably priced out-of-home entertainment and has evaluated numerous platform opportunities over the past few years. New Vision represents a compelling platform given its size, geographic breadth, and the ability to partner with such a complement of talented operators led by Bud Mayo and Chuck Goldwater.”
New Vision is the fourth platform investment in Beekman Investment Partners III, LP, Beekman’s third private equity fund raised in January 2015, which is focused on investing in lower middle-market companies and partnering with experienced managers who have a track record of success in creating value for their stakeholders.