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EFA Partners Assists with Arranging Real Estate Financing for the Iconic Capitol Theatre Live Music Venue

August 1, 2018

Proceeds utilized to refinance debt for leading music-focused entertainment company, Dayglo Ventures

New York, NY (August 1, 2018) – EFA Partners, a boutique financial advisory firm focused on arranging capital and providing investment banking and strategic consulting services for entertainment, media and technology companies, announced that it served as the advisor to assist with arranging a new senior debt facility to refinance the existing debt of the Capitol Theatre, an iconic live music venue located in Port Chester, NY, just north of New York City. The venue, with a seating capacity of over 2,000, has hosted legendary and contemporary performers including Bob Dylan, the Rolling Stones, Janis Joplin, Pink Floyd, the Grateful Dead, Macklemore & Ryan Lewis, Snoop Dog, Gavin Degraw, O.A.R., Wilco, and many others.

Opened in 1926, the Capitol Theatre was originally used as a cinema and performance theatre until the 1970s when it became a concert venue. In 1984, the theatre was added to the National Register of Historic Places. In 2012, Peter Shapiro, principal owner of leading music company Dayglo Venture, acquired the property and commenced a multi-million dollar renovation. It reopened that September with a 65 foot domed ceiling, elegant lobby and spacious lobby bar, a seated balcony with VIP seating, six box suites and best-in-class sound, lighting and video systems. The venue has hosted hundreds of concerts and events including legendary artists, contemporary artists, comedians and private events. It is an attractive venue for top-tier acts looking to play a more intimate venue prior to and during major east coast show tours.

EFA’s founders collectively have over 75 years of experience in providing financial solutions for entertainment and media companies, including mergers and acquisitions, capital placement, and advisory services. EFA’s approach for the Capitol Theatre included preparing presentation materials for lenders, identifying and leading discussions with prospective financiers, recommending the appropriate lending partner, and negotiating loan terms.

“It’s been great working with the Dayglo team assisting with the financing for such an historic venue that’s really an amazing place to experience live music,” stated Kenny Favre, Managing Partner and one of the founders of EFA Partners. “At EFA, we’re focused on working with music companies across various sectors including music publishing, recorded music, audio and instrument manufacturers and live music venues. We look forward to working with Dayglo in the future, whether with the Capitol Theatre or its other music businesses.”

About EFA Partners 

EFA Partners is a boutique financial advisory firm that provides investment banking services focused on capital raises, mergers and acquisitions, and financial consulting services for entertainment, media and technology companies. Since its inception in 2009, EFA has been retained by over 140 clients, having arranged and advised on over $3.5 billion of financings in its targeted sectors, including advising and closing numerous sell-side transactions. 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.

About Dayglo Ventures

Dayglo Ventures LLC is a leading independent live music and entertainment company dedicated to creating unparalleled experiences for artists and fans in-venue and digitally. Dayglo was founded by Peter Shapiro in 2012 to create, incubate, develop and operate live event businesses and other complementary media and entertainment assets. Dayglo is operated by an experienced team of executives and provides oversight and critical shared services to Dayglo’s portfolio of assets, including marketing and promotion, HR, booking, finance, legal and strategic partnerships. The varied sizes and locations of Dayglo’s venues allow the company to attract a wide range of talent and guests, giving it an unusually broad reach for an independent platform with unique spaces and the ability to create compelling content. Dayglo’s core businesses include the Capitol Theatre, Brooklyn Bowl, the Lockn’ Festival, and others. Dayglo also owns controlling interests in other music- related ventures such as Relix Media Group, FANS, and others.

Leading provider of digital media services for film and television

Background: Seasoned management team formed new film and television digital media services company and approached EFA to arrange financing for potential acquisition targets.

EFA Process: The company retained EFA to arrange acquisition financing and EFA approached several banks and specialty lenders.

Result: Closed debt financing to support two company acquisitions

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Television broadcast company owning and operating WGGB-TV and WGGB-TV D2, the ABC and FOX network affiliates serving the Springfield-Holyoke, MA market

Background: Initially approached by Gormally Broadcasting to arrange financing to recapitalize the company and fund planned acquisition growth. EFA became company’s sell-side advisor when industry changes and market forces made exploring a sale a more advantageous and financially rewarding strategic option for the company.

EFA Process: EFA was successful in securing financing commitments to fund a recapitalization and several acquisitions during the initial engagement focus. However, marketplace dynamics noted above resulted in EFA recommending a company sale. EFA provided a tailored, results-oriented approach from start to finish.

Result: EFA identified Meredith Corporation (NYSE: MDP) as the leading buyer and managed all aspects of the sale, maximizing the sales price received for the company.

start quoteIt was a pleasure working with Dave Harrington and the team at EFA. Through Dave’s deep industry knowledge, relationships and marketplace expertise, we were able to maximize the ultimate value of our company’s broadcast assets. end quote

John Gormally,
Founder, Owner and President of Gormally Broadcasting

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Growing movie theatre company that provides an in-theatre dining experience with over 100 screens throughout the US

Background: Longtime client that initially approached EFA seeking junior capital to grow its business.

EFA Process: After reviewing the company's capital structure and growth plans EFA recommended a financing structure that would recapitalize the company and provide significant growth capital.

Result: Closed two financings that recapitalized the company and provided growth for new theatres. Studio Movie Grill remains an EFA client for M&A opportunities.

start quoteWe were delighted to work with the EFA Partners team on our second successful financing with them. Their wide range of capital markets experience, banking relationships and deep knowledge of the cinema and location-based entertainment industries made them the perfect choice to assist with our financing efforts, which support SMG's active growth strategy. end quote

Brian Schultz,
Owner, founder and President of Studio Movie Grill

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Television and motion picture post-production and digital content management services

Background: Company approached EFA seeking refinancing of its debt subsequent to other advisors attempting to do so with a combination of senior debt and equity.

EFA Process: After reviewing its capital structure EFA recommended a debt structure to fully refinance the company's debt.

Result: Closed senior debt facility that refinanced the company's existing debt, which was much more cost-effective than equity.

start quoteThe EFA team proposed a creative strategy to recapitalize Modern VideoFilm that met our needs in a way that was unique and different from what other financial advisory firms proposed to us. We appreciated their understanding of the entertainment industry and EFA's extensive financial relationships and we look forward to continuing our relationship. end quote

Moshe Barkat,
CEO and President of Modern VideoFilm

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Mark Cuban and Todd Wagner's well established movie theatre company - with almost 300 screens located throughout the US

Background: Landmark approached EFA for an equipment financing to convert its screens from 35mm to digital projection.

EFA Process: While the company had many financing options given its strong ownership, its management was busy with business operations and retained EFA to handle the digital conversion financing process.

Result: Closed equipment financing facility utilized for all of its digital projectors. EFA led all aspects of the financing including negotiation of complex digital cinema conversion agreements.

start quoteEFA's unique knowledge and experience with film exhibition and digital cinema was extremely helpful in leading our financing process. Landmark prides itself in providing the best customer experience to its patrons and we are excited that this financing will allow us to continue that with our digital conversion. end quote

Sky Hansen,
Chief Financial Officer of Landmark Theatres

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Growing upscale restaurant entertainment company with venues that provide dining, bowling, arcades and live entertainment

Background: Company approached EFA seeking capital to refinance debt at its inaugural location in Jacksonville, FL.

EFA Process: After reviewing its capital structure and growth plans, EFA recommended a two-stage approach to provide development capital and equipment financing for new locations.

Result: Initially, closed a financing to refinance debt at its existing site and provided capital to develop two new sites. Subsequently closed an equipment financing for the new sites. Latitude 360 remains an EFA client for refinancing and M&A opportunities.

start quoteWe're excited to continue our relationship with the EFA team. They understand the location-based entertainment industry and have deep relationships with financiers as well as strategic industry participants, all of which will help us execute on our growth plans. end quote

Brent Brown,
Founder and President of Latitude 360

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Television industry management group formed to manage and operate US TV stations

Background: Huntington approached EFA seeking capital for potential television station acquisitions.

EFA Process: EFA understood that private equity firms and lenders are seeking experienced management teams to back for acquisition opportunities in the television sector.

Result: EFA has introduced the company to several private equity firms as well as senior lenders, resulting in bids for groups of television stations and the company continues to seek other opportunities, with EFA’s assistance.

start quoteWe are acutely aware of the trends that are transforming the local broadcast TV business and have recently begun to explore opportunities to acquire stations. We are very excited about the prospects for the industry and the opportunities to capitalize upon. We are also pleased to have EFA Partners as our financial advisor as their many years of media industry experience and extensive financial relationships will help us accomplish our goal of building a best-in-class station group.

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David Tynan,
CEO of Huntington Broadcast Management Group

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