February 22, 2012
NEW YORK/ATLANTA/CHARLOTTE (February 22, 2012) -- EFA Partners, an entertainment financial advisory firm focused on providing financing solutions for movie exhibitors and other entertainment companies, announced that it led and advised the recently closed financing facility for Stone Theatres, a progressive motion pictures exhibitor operating 28 screens at 2 locations in Myrtle Beach, SC and Fayetteville, NC. The proceeds from the financing were utilized for Stone’s digital cinema conversion.
“We were very impressed with EFA as their financial experience with film exhibition and digital cinema allowed them to lead our financing effort from start to finish,” said Herman Stone, President and CEO of Stone Theatres. “The team at Stone prides itself in a long history of being innovative and providing the very best in quality to its movie patrons and our customers will see immediate benefits from this financing as we become 100% digital.”
EFA has extensive experience in meeting the financing needs of the film exhibition industry, and it continues to help exhibitors with financings ranging from senior debt to provide growth or acquisition capital, refinancing of existing loans, FF&E financings, construction or site development loans, and junior capital. EFA’s principals have over 20 years of collective experience in film exhibition finance and have deep relationships within the banking and leasing communities. This allowed them to procure
numerous proposals for the Stone financing and provide appropriate recommendations. In addition, the EFA team assisted with the negotiation of all credit documentation as well as agreements related to digital cinema.
“We are extremely pleased to help Stone with its 100% conversion to digital,” said Brandt Gully, principal of EFA Partners. “The team at Stone has been an industry leader for decades, and we are excited to be the company’s exclusive advisory partner for its financing needs”.
ABOUT EFA PARTERS:
EFA Partners is a specialized advisory and financial consulting firm focused on providing financial services to the film and leisure industries. EFA’s personnel have provided financial solutions to the film exhibition industry for over ten years and continue to concentrate on the needs of theatre owners, digital cinema integrators, alternative content companies and film service companies. The group’s services include capital placement as well as recommendations and execution of strategies related to mergers and acquisitions, restructurings, and general business planning. EFA’s offices are located in New York and Atlanta. For additional information, visit EFA’s web site at www.efapartners.com.
ABOUT STONE THEATRES:
Headquartered in Charlotte, NC, presently operates 2 locations with 28 screens located in North and South Carolina with two additional sites now under construction in Indian Trail, NC and in the Raleigh, NC market. Prior to forming Stone Theatres, Mr. Stone was President and CEO of Consolidated Theatres headquartered in Charlotte NC. Consolidated Theatres consisted of 34 locations and over 400 screens operating along the Eastern seaboard, including Phillips Place, Park Terrace and Arboretum in Charlotte and Union Square in Monroe NC.