The Department of Justice has approved the sale of Starplex Cinemas, which operates 33 movie theatres with 346 screens in 12 states, to AMC Entertainment Holdings, Inc. for approximately $175 million, subject to final working capital and other adjustments. The sale and purchase agreement was originally announced in July.
Trinity Hunt’s partnership with Starplex Cinemas’ management team began in December 2012, when the firm completed a merger of former portfolio company, ShowPlex Cinemas, and Starplex to position the new company for growth. Over the following three years, Trinity Hunt and Starplex executed a strategic growth plan that resulted in revenues and theatre-level cash flow growth of greater than 45 percent through the addition of five new locations and remodeling of select existing locations.
“We have always strived to provide an exceptional entertainment experience for our customers through luxurious amenities and unmatched customer service,” said Steve Holmes, CEO of Starplex Cinemas. “By partnering with Trinity Hunt, we were able to expand our offerings and geographical reach by opening additional theatres throughout the country.”
“We have greatly enjoyed working with the Starplex Cinemas management team to grow their theatre circuit and enhance their reputation for providing customers with state-of-the-art amenities,” said Dan Dross, managing partner at Trinity Hunt Partners. “Our partnership proved to be successful, and with AMC, Starplex’s theatres are well positioned to continue providing a premiere movie-going experience.”
Peter J. Solomon Company advised Starplex on the transaction.
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