Starplex Changes Hands in $175M Deal
- Dec 18, 2015
By Adelina Osan, Associate Editor
Peter J. Solomon Co. advised Starplex on the transaction. The sale and purchase agreement was originally announced in July 2015 and has now been approved by the Department of Justice.
Trinity Hunt partnered with the Starplex Cinemas’ management team in 2012, when the firm completed a merger of former portfolio company, ShowPlex Cinemas, and Starplex to position the new company for growth. The companies 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. At the time of the sale, Starplex Cinemas operated 33 movie theatres with 346 screens in 12 states.
“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 in a prepared statement. “By partnering with Trinity Hunt, we were able to expand our offerings and geographical reach by opening additional theatres throughout the country.”
Image courtesy of Texas Cinema