Carmike Cinemas, an entertainment, digital camera and 3D motion picture exhibitor, announced Monday a large acquisition from Muvico Theaters, including nine entertainment complexes and 147 screens in Florida, California and Illinois for $31.75 million.
The acquisition will bring Carmike’s total to 257 theaters and 2,681 screens in 37 states, closer to their goal of 300 locations and 3,000 screens. Along with the theaters, this brings Carmike two Bogart’s Bar & Grill Restaurants, two IMAX and two MuviXL large screen auditoriums from Muvico.
The deal is projected to add incremental revenue of $68 million, and is expected to close in the fourth quarter of 2013.
“Carmike’s ongoing operating execution, combined with select accretive transactions, has continued to positively impact our top- and bottom-line results further strengthening our position to secure additional growth opportunities as we move closer to our 300 location, 3,000 screen goal,” said David Passman, Carmike president and CEO, in a statement.
Of the nine complexes purchased, seven are in Florida, where Carmike already has 13 locations. The Thousand Oaks 14 marks Carmike’s first California-based theater, and the Rosemont 18 will be the company’s 11th theater in Illinois.