November 1, 2022
New York, NY (November 1, 2022) – EFA Partners, a financial advisory firm that arranges capital and provides strategic consulting services for entertainment and media companies, announced that it arranged financing for Emagine Entertainment, an owner/operator of luxury movie theaters in Michigan, Illinois, Indiana, Minnesota, and Wisconsin. Emagine operates a total of 28 theaters with over 340 screens and is ranked as the 9th largest theater circuit in North America according to the 2022 Giants of Exhibition report from Box Office Pro. The financing arranged by EFA refinanced all existing senior debt and also provided additional funding for new growth opportunities.
Emagine was co-founded by Paul Glantz in 1997 with the opening of its theater in Birch Run, Michigan and has since continued to grow its portfolio. All Emagine theaters offer adult patrons the option of enjoying their favorite cocktail, beer or wine while concurrently maintaining a welcoming environment for families. Emagine’s leadership team is dedicated to maintaining the highest standard of customer service and providing their guests with the best possible movie-going experience.
The company is a recognized innovator in the theater industry. Emagine was the first U.S. theater circuit to convert to 100% digital projection. Its Birch Run theater was the first in Michigan to have all stadium seating and Emagine was the first to introduce 4K projection to the Detroit market. In 2022, it continued as an innovative leader by partnering with Caesars Entertainment to create the Caesars Sportsbook Lounge Powered by Emagine.
“We have thoroughly enjoyed working with the Emagine team for many years,” said Ralph Willis, Managing Partner and founding principal of EFA Partners. “The company operates a luxury, state-of-the-art theater circuit that delivers an exceptional experience for its loyal patrons. The new debt facility positions Emagine for continued growth as the company expands its platform of theaters."
EFA’s principals have over 70 years of collective experience in providing financing solutions for entertainment, media, and technology companies. They have deep relationships with banks, equipment lessors, construction lenders, specialty finance lenders, REITs, and private equity groups. The team prides itself on handling its clients’ financing processes from start to finish. For Emagine, EFA approached a targeted list of prospective financiers, completed comprehensive materials to highlight the attractiveness of Emagine’s theaters, created additional materials with significant current and historical data to highlight the ongoing rebound of the film exhibition industry, introduced several financial groups to the Emagine team, procured competing proposals, and assisted throughout the closing process.
“It has been such a pleasure working with Ralph and the EFA team as our trusted financial advisors for the past several years and we look forward to continuing the relationship,” said Paul Glantz, Chairman of Emagine. “They stuck with us through the pandemic and then, as the lending environment became more favorable this year, they used their defined process to highlight the attractiveness of our business for several lenders. This culminated in closing a financing that not only refinanced our debt with very favorable terms but also provided additional capital to assist with growing our business as we seek to strategically add theaters to our circuit.”
About EFA Partners
EFA Partners is a boutique financial advisory firm with offices in New York and Atlanta focused on the entertainment, media, and technology companies. It provides investment banking services focused on arranging growth capital, mergers and acquisitions, and financial consulting. In entertainment, its targeted sectors include movie theaters, family entertainment centers, theme parks, water parks, concert venues, hotels, casinos, observation wheels, sports, and others. In media and technology, EFA focuses on companies in film/television post-production, film/television distribution, communications services, SaaS, recorded music, music publishing, and others. Since its inception in 2009, EFA has been retained by over 190 clients, has arranged over $1.6 billion of capital, and has advised on over $3.6 billion of additional capital.