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|Home: BigScreen Journal - Carmike to Acquire 16 Movie Theaters from Rave Reviews Cinemas in AL, FL, IN, IL, PA, TN, and TX|
Carmike Cinemas announced yesterday that they will be acquiring 16 movie theaters from Rave Reviews Cinemas. The theaters are located in Alabama, Florida, Indiana, Illinois, Pennsylvania, Tennessee, and Texas under the management of Rave Cinemas, LLC.
Carmike Cinemas President and Chief Executive Officer David Passman made the following statement in the press release that was issued:
The addition of these 16 state-of-the-art theatres and 251 screens from Rave is a key, opportunistic development for Carmike as we recently embarked on a corporate mission of expanding our footprint to 300 theatres and 3,000 screens through attractive acquisitions. Importantly, seven of these theatres are leaders in their respective markets and another four are the number two box office generators in their region. The average age of the properties we are acquiring is only eight years so we expect limited maintenance capital expenditure requirements on the facilities over the near-term. We also look forward to enthusiastically welcoming the Rave associates at these theatres to the growing Carmike family.
Carmike anticipates that the acquisitions will be completed in the fourth quarter of 2012, so we should begin seeing the naming of the theaters change in the next three months.
Source: Carmike Cinemas Press Release
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