November 12, 2014
Second financing arranged by EFA for Fox will be for theatre upgrades and refinancing debt
EFA Partners, a boutique financial advisory firm that provides investment banking and strategic consulting services for companies in the entertainment, media, and telecommunications industries, today announced that it arranged a successful follow-up financing for Fox Theatres, a growing film exhibition company that operates theatres in Pennsylvania and Maryland. Proceeds refinanced existing debt and provided capital for the installation of recliner seating and other upgrades at the Fox Berkshire theatre in Reading, PA and the Fox Sun & Surf in Ocean City, MD.
“It’s been a pleasure working with Ralph Willis and the EFA team as they truly understand the film exhibition industry and the necessary steps to obtain financing in today’s market,” said Don Fox, President of Fox Theatres. “In 2013, we installed recliner seating and other amenities in two auditoriums at our Berkshire theatre, which was tremendously successful. With this new financing, we will be making similar enhancements to the remaining auditoriums at the Berkshire and for auditoriums at our Sun & Surf theatre.”
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. For Fox Theatres, they garnered interest from targeted potential lenders, provided helpful background materials on present industry trends including the recliner seating segment, participated in all phases of negotiations, and also assisted with reviewing credit documentation.
“We have a great relationship with Don and his team at Fox Theatres and are delighted to have assisted them once again,” said Ralph Willis, Managing Partner and a founding principal of EFA Partners. “Don understands that patrons in his markets are seeking an enhanced movie-going experience and his theatres will continue to provide that with the installation of comfortable recliner seating and other amenities.”
ABOUT EFA PARTERS (www.EFApartners.com)
EFA Partners is a boutique financial advisory firm that provides investment banking services focused on arranging capital, M&A, and financial consulting services for media, telecommunication, IT services, entertainment, and leisure companies. Its senior team has closed and managed over $13 billion of financings in its targeted sectors. EFA has a wealth of relationships from which to source capital including local and regional banks, national and international banks, specialty finance groups, equipment financiers, providers of mezzanine debt and private equity groups. Since its formation in 2009, EFA has been retained by over 80 clients while placing over $500 million in capital and advising on over $500 million of additional transactions.
Rob Rinderman or Jennifer Neuman
212/835-8500 or EFA@jcir.com