Acquisition of Theatre Assets Marks Trinity Hunt’s Initial Investment in the Movie Exhibition Industry
Trinity Hunt Partners, a leading Dallas-based private equity firm, has successfully completed the acquisition of certain assets of Dickinson Theatres, Inc. through a newly-formed corporation, ShowPlex Cinemas, Inc. ShowPlex operates 10 first-run theatre locations that comprise 81 screens in Arkansas, Kansas, Missouri, Nebraska and Oklahoma. ShowPlex’s theatres are located in secondary and tertiary markets with limited competition from other theatre operators or other out-of-home entertainment options such as major theme parks or professional sports teams. Trinity Hunt Partners selected ShowPlex’s assets based upon their strong historical financial performance, local market position, and growth potential.
“Trinity Hunt is pleased to announce a new platform investment in the movie exhibition industry,” said Dan Dross, partner of Trinity Hunt Partners. “We are attracted to the movie exhibition industry due to the industry’s high degree of stability, steady historical growth, and future long-term growth prospects due to a transformation shift to digital projection. We intend to further enhance the ShowPlex locations through updating the theatres, expanding screens and installing additional digital projection capabilities.”
The movie exhibition industry domestically has exhibited consistent growth for more than 30 years throughout all economic cycles and experienced record revenues in 2009 with box office receipts exceeding $10.5 billion, up 10% from 2008.
Dickinson’s current Chief Financial Officer, Al Lane, will become ShowPlex’s Chief Executive Officer, and certain other members of Dickinson’s management team will join ShowPlex’s management team. Trinity Hunt Partners has also recruited Steve Colson, an executive with over 30 years experience in the movie exhibition industry who most recently served as Chief Executive Officer of AmStar Entertainment, LLC, a portfolio company of Great Hill Partners and BCI Partners, to serve as ShowPlex’s Executive Chairman.