The Beekman Group, through Beekman Investment Partners III LP, has acquired certain assets from AMC Entertainment Holdings (NYSE: AMC) and Carmike Cinemas to create a new movie circuit that will operate under the brand New Vision Theatres.
New Vision is now a 16-unit theatre circuit with 184 screens including 66 “3D” screens with locations in nine states. Most of the theatres are multiplexes with 12 or more screens, and many have expanded food and beverage options, including hot food and full bars. New Vision focuses on first-run content but also provides alternative content such as live sporting events and concerts. The company is headquartered near New York in Westfield, NJ (www.newvisiontheatres.com).
The Beekman Group pursued this transaction in partnership with industry executives Dale “Bud” Mayo and Charles Goldwater. Mr. Mayo and Mr. Goldwater along with other members of the operating team co-invested in New Vision with Beekman. “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,” said John Troiano, Beekman’s Managing Partner. “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.”
Previously, Mr. Mayo was the Co-founder, Chairman and CEO of Digital Cinema Destinations from its founding in 2010 through the sale of the company in 2014 to Carmike. He was also Co-founder, Chairman and CEO of Cinedigm from its founding in 2000 to 2010. “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,” said Mr. Mayo, who has become the Chairman of New Vision.
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. “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,” said Mr. Goldwater, who has become the CEO of New Vision.
The Beekman Group makes control investments from $5 million to $25 million in privately held companies, family businesses in transition, operating divisions of large companies or small public companies looking to privatize. Typical acquisitions have revenues from $10 million to $200 million and enterprise values of $10 million to $100 million. The Beekman Group was founded in 2004 and is based in New York (www.thebeekmangroup.com).
According to The Beekman Group, New Vision will be a platform for consolidation of additional theatre acquisitions as opportunities arise. New Vision is the fourth platform investment in Beekman Investment Partners III LP, Beekman’s third which closed in January 2015.
© 2017 Private Equity Professional | April 19, 2017
