SAN FRANCISCO, CA--(Marketwired - Oct 16, 2014) - Seacoast Capital ("Seacoast") announced today that it has completed a growth recapitalization of Frank Entertainment Group, LLC ("Frank" or the "Company") in concert with Elm Park Capital Management and Triangle Capital Corporation (
About Frank Entertainment
Frank operates 15 movie theatre and family entertainment venues in 5 states on the East coast. The Company operates 11 pure play movie theatres in 5 states (Florida, New Jersey, North Carolina, Pennsylvania, and Tennessee) under the Frank Theatres marquee, 1 combination movie theatre/family entertainment complex in 1 state (Florida) under the CineBowl & Grille marquee (with an additional 2 locations scheduled to open in North Carolina and Virginia in 2015), and 3 family entertainment complexes in 2 states (Florida and Pennsylvania) under the Revolutions and Superplay USA marquees (with 1 additional Revolutions location scheduled to open in South Carolina in late 2014). The Company's Frank Theatres cinemas, which generally range in size from 8-12 screens, offer stadium seating, 4k digital and 3D capable projection, Dolby® Digital surround sound, advance ticketing features and standard theatre concessions, with certain locations offering IMAX® or THX® and enhanced concessions which include beer/wine and premium restaurant-style food. Frank Theatres is the 13 th largest movie theatre operator in the U.S. by screen count, is the largest independently-owned IMAX joint venture partner in the U.S., and is one of the oldest continuously operating movie theatre chains in the U.S. The Company's CineBowl & Grille concept, the first of its kind in the U.S., combines a traditional stadium seating movie theatre with bowling, a redemption arcade, and a captive casual dining restaurant/bar under one roof. Similarly, the Company's Revolutions concept combines bowling, a redemption arcade, billiards, a stadium-style live TV venue, live entertainment, and a captive casual dining restaurant/bar all under one roof. The Company also operates a Superplay USA complex in Florida which offers 48 lanes of bowling combined with a redemption arcade, indoor mini golf, batting cages, a laser tag arena and a Duffy's Sports Grill® restaurant/sports bar. The Company was founded in 1921 and is headquartered in Jupiter, FL. For more information on the Company, visit www.franktheatres.com .
About Elm Park Capital Management
Elm Park Capital Management is an alternative asset management firm focused on investing in private debt transactions to middle-market companies. Elm Park seeks to be an alternative capital provider for companies requiring a creative partner for acquisitions, growth, refinancings, and recapitalizations. For more information, visit www.elmparkcap.com .
About Triangle Capital Corporation
Triangle Capital Corporation (
About Seacoast Capital
Seacoast was founded in 1994 to make non-controlling subordinated debt and equity investments in privately-held lower middle market companies. Seacoast specializes in "sponsorless" transactions, preferring to deal directly with company owners or management teams, although it will selectively consider investments led by professional investor groups. Seacoast typically provides between $3MM and $12MM of debt and equity capital for acquisitions, growth, shareholder buyouts, management buyouts, and leveraged recapitalizations to provide shareholder liquidity. While industry agnostic, Seacoast broadly invests in the specialty manufacturing, value-added distribution, and business services sectors. Seacoast generally targets investments in companies with a minimum of $10MM in revenue and $2MM of EBITDA. With offices in Boston and San Francisco, Seacoast has the ability to invest in businesses across the U.S. -- having invested approximately $300MM in over 20 states since 1994. For more information, or to submit an investment opportunity to Seacoast, please contact Jamie Donelan, Vice President, by phone in Boston at (978) 750-1300, or via e-mail at jdonelan@seacoastcapital.com .
Contact: Jamie Donelan Vice President Tel: (978) 750-1300 E-Mail: Email Contact
