GE Capital increases credit facility to VSS-backed Southern Theatres to $92 mln

GE Capital has increased its credit facility to Southern Theatres, which is owned by Veronis Suhler Stevenson, to $92 million. According to the company, the funding will be used for the build out of several new Movie Tavern locations. Based in New Orleans, Southern Theatres is a movie theater chain.

PRESS RELEASE

NORWALK, Conn.–(BUSINESS WIRE)–GE Capital’s Telecom, Media and Technology (TMT) financing business announced today it served as administrative agent on a $12 million incremental credit facility increase to VSS – Southern Theatres, LLC (Southern Theatres). The total credit facility for Southern Theaters is now $92 million. The incremental line increase will be used to fund the build out of several new Movie Tavern locations in the southeastern U.S. and Pennsylvania. GE Capital Markets served as lead arranger and joint bookrunner on this facility.
“Southern Theatres has a two-pronged growth strategy consisting of internal expansion and selective add-on acquisitions. We very much appreciate the strong support of GE Capital in continuing the build out of both our traditional theatre and cinema eatery brands,” said George Solomon, CEO of Southern Theatres.
Headquartered in New Orleans, Southern Theatres was formed in 2002 by Solomon, a theatre industry veteran, to develop and operate multiplex, stadium-seating movie theatres in small-to-mid-size markets across the southeastern United States. Southern Theatres operates 36 theatre and cinema eatery locations with 433 screens in Alabama, Colorado, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, Ohio, Pennsylvania, South Carolina, Texas and Virginia.
“Last September, GE Capital agented a facility to support Southern Theatres’ acquisition of Movie Tavern, a premier cinema eatery circuit. We’re thrilled to work again with the company and its private equity owner, Veronis Suhler Stevenson, to support its continued success and growth,” said Tim Huban, a managing director with GE Capital’s TMT business.
About Southern Theatres
Southern Theatres is responsible for the daily operations of The Grand Theatres, Amstar Cinemas, GrandLuxe Theatres, The Theatres at Canal Place and oversight of operations for Movie Tavern. The company operates 36 locations with 433 screens in Alabama, Colorado, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, Ohio, Pennsylvania, South Carolina, Texas and Virginia. Southern Theatres is well-positioned for continued expansion in key markets throughout the U.S. The company’s website is www.thegrandtheatre.com.
About Veronis Suhler Stevenson
Veronis Suhler Stevenson is a leading private investment firm that invests in the information, business services, healthcare IT, education, media and marketing services industries in North America and Europe. VSS provides capital for buyouts, recapitalizations, growth financings and strategic acquisitions to lower middle market companies and management teams with the goal of building companies organically as well as through a focused add-on acquisition program. VSS makes privately-negotiated investments across the capital structure and has the ability to invest in situations requiring control or non-control equity, mezzanine securities and structured equity securities.
Since 1987, VSS has managed six private investment funds with aggregate initial capital commitments totaling over $3 billion, including four equity funds and two structured capital funds. To date, VSS funds have invested in 74 platform companies, which have together completed over 330 add-on acquisitions. The company’s website is www.vss.com.
About GE Capital, Telecom, Media and Technology
GE Capital’s Telecom, Media and Technology (TMT) business is a leader in the middle market providing financing solutions to enable corporate growth, acquisitions and balance sheet refinancings to companies in the following industries: cable, towers, data centers, wireless, metro fiber, radio, TV, digital media, education services and software. It also finances technology companies that enable these industries. The team brings GE’s real-world expertise and applies insights like no other bank. We provide our clients with the in-depth industry knowledge needed to compete in technical business sectors. Our team of professionals will make sure you have more than just working capital. You’ll have the intellectual capital you need to optimize leveraged transactions, including buyouts, acquisitions, growth financings and recapitalizations. Stop just banking and start building. Visit gecapital.com/tmt.
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit www.gecapital.com or follow company news via Twitter (https://twitter.com/GECapital).
GE (NYSE:GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company’s website at www.ge.com

 

 

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