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130:, creating what is today the largest chain of cinemas in the United States (which operates under the Regal name). In 1990, during the height of the 1990–92 recession, Boston Ventures placed a value on Act III Theatres of 4-5x cash flow while advising majority owner Norman Lear. Simultaneously, Boston Ventures was seeking to acquire various Act III assets.
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KKR acquired Act III Theatres in
October 1998 for $ 323 million plus the assumption of $ 338 million in debt. The price represents and estimated 11.2x trailing cash flow and 8.8x pro forma cash flow. EBITDA for the group was $ 59 million for the 12 months ended December 31, 1996. At 11.2x trailing
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Other chains acquired by Act III included
Presidio Theaters in Austin. Following the acquisition of Presidio, Act III consolidated its market position by buying AMC's theaters in Austin, creating the dominant theater circuit in that city. To grow its footprint in the
97:. Luxury Theaters consisted of 87 cinemas operating 293 screens. The purchase price was $ 150 million. Subsequent to the acquisition of Luxury Theaters, the company's headquarters was relocated from San Antonio to Portland.
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earnings, the acquisition of Act III represented one of the highest valuations ever paid for a chain of movie theaters. Later in 1998, KKR combined its theater operations with the
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was an
American company that owned movie theater multiplexes and screens principally located in the
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265:"KKR, Hicks Muse to Combine Theater Chains, Acquire Regal" Wall St. Journal January 20, 1998
147:"KKR, Hicks Muse to Combine Theater Chains, Acquire Regal" Wall St. Journal January 20, 1998
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182:"Interview with John Santikos 2002 Institute of Texan Cultures Oral History Collection"
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The group expanded in 1988 by acquiring Luxury
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228:"Act III Completes Purchase of Theaters" Los Angeles Times May 3, 1989
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owned a controlling stake in Act III Theatres through his company
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in San
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Act III Theatres was launched in 1986 with the acquisition of
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SEC 1996 10K-405 Item 6 Selected
Financial Information
276:"Getting it on in Act III" Variety October 16, 1997
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241:Cineplex Odeon To Sell Some Theaters In Region
157:Austin-American Statesman October 21, 1997
324:Movie theatre chains in the United States
329:1986 establishments in the United States
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16:The previous owner of Regal Cinemas.
309:Former cinemas in the United States
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74:Formation of Act III Theatres
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126:and together they acquired
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243:Seattle Times June 8, 1992
120:United Artists Theatres
48:Kohlberg Kravis Roberts
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113:Acquisition by KKR
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52:Norman Lear
32:U.S. states
303:Categories
192:2014-11-01
134:References
124:Hicks Muse
44:Washington
109:in 1992.
95:Tom Moyer
122:held by
292:at the
168:Variety
64:Austin
40:Oregon
36:Texas
62:and
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