November 10, 2022
New York, NY (November 10, 2022) – EFA Partners, a boutique financial advisory firm that arranges capital and provides strategic consulting services for entertainment and media companies, announced today that it served as the exclusive sell-side financial advisor to Northshore Cinemas (“Northshore” or the “Company”) in the recently completed sale of the Company and all associated real estate assets to B&B Theatres (“B&B”).
A theatrical exhibitor in the Corpus Christi, TX market and surrounding areas since 1977, Northshore operated one 8-screen location in Portland, TX. This cinema was immediately transitioned to B&B operations upon closing of the transaction on November 7, 2022. EFA has maintained a positive, long-term working relationship with Northshore’s management team, having served as the Company’s strategic and financial advisor for several years in numerous capacities such as advising on financings and ultimately the sales process.
“I’ve worked with Brandt Gully and the team at EFA Partners for years, and they were the obvious choice for us when selecting a firm to sell our company,” stated Jeff Dinger, President of Northshore. “I’m always impressed at how well Brandt and his team know and love our industry, and I couldn’t me more pleased with how they found us a buyer in B&B that will take our cinema to the next level.”
EFA’s principals have over 50 years of collective experience in providing financial solutions for film exhibition companies, including M&A and advisory services. For Northshore, EFA adopted a tailored, results-oriented approach from start to finish— garnering interest from a selection of qualified potential buyers, negotiating terms and assisting with the transaction closing.
“It has been a pleasure to work with Jeff and the Northshore team over the years. He has had a fantastic career building his cinema business and serving the Portland and Rockport markets for years,” stated Brandt Gully, Managing Partner and Founding Principal of EFA Partners. “I’m excited that we were able to secure a well-capitalized buyer and get him a sales price that represented the full value of Northshore’s business and his years of hard work.”
About EFA Partners
EFA Partners is a boutique financial advisory firm with offices in New York and Atlanta focused on 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, sports, and others. In media and technology, EFA focuses on companies in film/television post-production, film/television distribution, communications services, 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.
About B&B Theatres
B&B Theatres has been family owned and operated since 1924 when Elmer Bills Sr. opened a movie house in Salisbury, Missouri where the future Mrs. Bills played the piano for silent movies. During the company’s 98 years, and four generations of family involvement, it has seen the coming of sound, color, Technicolor, stadium seating, multiplexes, and now digital cinema. B&B Theatres is the 5th largest theatre chain in North America and operates 529 screens at 57 locations in Kansas, Iowa, Florida, Georgia, Missouri, Mississippi, Oklahoma, Minnesota, Virginia, South Carolina, North Carolina, Texas, and Washington.