January 15, 2014
Proceeds for refinancing debt, theatre upgrades and digital cinema equipment
EFA Partners, an entertainment and media financial advisory firm focused on providing financing solutions for the film exhibition and leisure sectors, announced that it had arranged three financing facilities for Fox Theatres, a growing film exhibition company that operates two theatres in Pennsylvania and three in Maryland. The financings included a mortgage facility that was utilized to refinance existing debt as well as provide capital to upgrade the Fox Berkshire theatre in Reading, PA which it recently acquired from Carmike Cinemas. In addition, two equipment financing facilities were utilized to acquire digital projection equipment for the Fox Berkshire and the Fox Sun & Surf in Ocean City, MD.
“The EFA team’s financial experience in the leisure industry enabled them to convey the key points of our business to several lenders which resulted in receiving several attractive financing proposals,” said Don Fox, President of Fox Theatres. “With these financings, our theatres have been converted to digital which allows them to be more competitive in today’s market. And we’re extremely excited to have the Fox Berkshire as part of our business.”
EFA’s principals have over 30 years of collective experience in providing financing solutions for film exhibition and leisure companies, and they have deep relationships with banks, lessors, specialty finance groups, mezzanine debt providers, and private equity groups. The EFA team prides itself on handling its clients’ financing processes from start to finish. And for Fox Theatres, they garnered interest from numerous lenders, negotiated term sheets and commitment letters, and assisted with the negotiation of credit agreements as well as documentation related to the digital cinema conversion.
“We are very pleased to have been able to assist Don and his team at Fox Theatres,” said Ralph Willis, a founding principal of EFA Partners. “As Don seeks to selectively grow his business, whether from opportunistic acquisitions or expansion of his existing sites, we look forward to continue assisting him with structuring, arranging and closing his financings.”
ABOUT EFA PARTERS
EFA Partners is a specialized financial advisory consulting firm focused on the entertainment and media industries. Through its network of financing sources, EFA provides capital placement services as well as a variety of transactional needs including strategic consulting for acquisitions, dispositions, and restructurings. Senior members of the firm have over 60 years of industry experience and have been involved in transactions valued at over $5 billion. Since its formation in early 2009, EFA has represented over 50 clients and successfully raised capital for growth, acquisitions, recapitalizations and equipment, and has advised on numerous business and market strategies. EFA’s offices are located in New York and Atlanta. For additional information, visit EFA’s website at www.efapartners.com.
ABOUT FOX THEATRES
Fox Theatres is a growing film exhibitor based in Reading, PA. The company operates five theaters that total 32 screens including the Fox Berkshire and Fox East in Reading, PA, the Sun & Surf and Gold Coast in Ocean City, MD, and the Academy in Greenbelt, MD. For additional information, visit the Fox Theatre website at www.foxshowtimes.com.