Film-Tech Forum ARCHIVE: 16 Rave Motion Pictures cinemas to Carmike

This is topic 16 Rave Motion Pictures cinemas to Carmike in forum Ground Level at Film-Tech Forum ARCHIVE.

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Posted by Mike Rivest (Member # 5500) on 10-11-2012, 05:58 PM:

Found this at
http://www.bigscreen.com/journal.php?id=2676

theatres involed:
Rave Motion Pictures Lee Branch 15 - Birmingham, AL
Rave Motion Pictures Jubilee Square 12 - Daphne, AL
Rave Motion Pictures Patton Creek 15 & IMAX - Hoover, AL
Rave Motion Pictures Valley Bend 18 - Huntsville, AL
Rave Motion Pictures Wharf 15 - Orange Beach, AL
Rave Motion Pictures Vestavia Hills 10 - Vestavia Hills, AL

Rave Motion Pictures Avenue 16 - Melbourne, FL
Rave Motion Pictures Pensacola Bayou 15 - Pensacola, FL
Rave Motion Pictures Pensacola W Street 18 - Pensacola, FL
Rave Motion Pictures St. Lucie West 14 - Port St. Lucie, FL

Rave Motion Pictures Grand Prairie 18 - Peoria, IL

Rave Motion Pictures Jefferson Pointe 18 - Fort Wayne, IN
Rave Motion Pictures Metropolis 18 - Plainfield, IN

Rave Motion Pictures Promenade 16 - Center Valley, PA

Rave Motion Pictures East Ridge 18 - Chattanooga, TN

Rave Motion Pictures Yorktown 15 - Houston, TX

I guess these are being sold to pay for those National Amusements theatres.

Posted by Martin McCaffery (Member # 37) on 10-11-2012, 06:11 PM:

Well, that's ironic. Rave's original model was to go where the dinosaurs were dying and eat their bones. Those theatres in Alabama wiped out lots of Carmike theatres in the state. I'm surprised Rave is hanging on to their location in Montgomery.

Looks like the cockroaches will outlive the dinosaurs once again [evil]

Posted by Joseph L. Kleiman (Member # 3097) on 10-11-2012, 07:14 PM:

A number of those cineplexes have IMAX auditoriums. Carmike has traditionally avoided IMAX, going instead with their own Big DDD concept. Will be interesting to see if they negotiate with IMAX or buy out the contracts and convert them all.

Posted by Edward Havens (Member # 4715) on 10-12-2012, 05:06 AM:

quote: Mike Rivest
I guess these are being sold to pay for those National Amusements theatres.

Nope.

Posted by Mike Blakesley (Member # 26) on 10-12-2012, 12:06 PM:

quote: Joseph L. Kleiman
Will be interesting to see if they negotiate with IMAX or buy out the contracts and convert them all.

They'll do whatever's cheaper.

Posted by Jeff Taylor (Member # 443) on 11-06-2012, 10:51 AM:

Rave took over a National at one of my properties in Massachusetts two years ago and have done NOTHING with it. They still have tape over the word Showcase on the marquee! I also don't understand why they stopped putting the current attractions on the roadside sign. Lazy. It's a good thing we still have National guaranteeing the lease.

Posted by Dennis Benjamin (Member # 1137) on 11-21-2012, 10:35 AM:

Cinemark just bought the rest of the Raves.

LINK

Posted by Edward Havens (Member # 4715) on 11-21-2012, 10:50 AM:

quote: Dennis Benjamin
Cinemark just bought the rest of the Raves.

Nope. There are still eleven.

Posted by Martin McCaffery (Member # 37) on 11-21-2012, 11:17 AM:

I was wondering why Rave got rid of all Alabama theaters but the one in Montgomery. So now Cinemark will have a chance to kill off what's left of Carmike here (not much).

It was just this week that Rave finally unlisted all of the other Alabama theatres from its website.

How is Cinemark as a chain?

Posted by Dennis Benjamin (Member # 1137) on 11-21-2012, 01:39 PM:

Shoot, missed that. They only have 11 left? Wonder who'll get those?

Posted by Louis Bornwasser (Member # 3063) on 11-21-2012, 03:03 PM:

Martin: is the one remaining the best one in that area? Perhaps they have an anti-trust problem and had to keep one. Louis

Posted by Martin McCaffery (Member # 37) on 11-21-2012, 03:19 PM:

Louis:
Rave only has one theatre in Montgomery, they wiped out Carmike, which now only has a really rundown mall 8 screen in Montgomery and a used 12 screen they got from O'Neills the next town over. In Montgomery proper there are just we three theatres. Until Rave came in however many years ago, it was just us and Carmike in Montgomery. Back around 1982 or so the 3 big chains in Alabama divvied up the territories and Carmike got all the theatres (about 6) then in Montgomery, so monopoly problems flew out the window then. We took over the Capri from Carmike in 1983.

Carmike bought all of six of Rave's theatres in the Birmingham area, after Rave spent years wiping out Carmike there. I believe the Rave here is one of the oldest in the chain (not counting those they bought), which may be why Carmike didn't buy it.

Posted by Martin McCaffery (Member # 37) on 11-24-2012, 05:14 PM:

While we're on the subject, does anyone know what/where the first Rave theatre was? On the wikipedia list, Montgomery has the earliest date (Dec 2000), but some aren't dated. I was pretty sure there were 3 or 4 before us, most likely in Texas. Rave was formed in 1999, so not likely too many. Is it possible Montgomery is the oldest Rave built theatre? Could that be the reason it hasn't sold?

Posted by Scott Jentsch (Member # 1681) on 11-26-2012, 10:23 AM:

When I wrote our article about the Cinemark-Rave deal, I also noticed that even though the press release said that the 32 theaters represented "substantially all of the assets of Rave," there were still some left over (14 by my count).

I looked around for any news articles or press releases that talked about another company making a purchase from Rave, but couldn't find anything. I'm guessing that the remainders will be sold to independents or just summarily closed. I seem to remember this happening when AMC bought quite a few Kerasotes locations in 2010.

Posted by Sam Graham (Member # 2889) on 11-26-2012, 06:40 PM:

In fact, AMC has picked up four.

AMC Entertainment and Rave Reviews Cinemas Announce Deal Regarding Four Theatres

quote:
KANSAS CITY, Mo., Nov 26, 2012 (BUSINESS WIRE) -- AMC Entertainment Inc. (AMC) a preeminent U.S. movie exhibitor, and Rave Reviews Cinemas, L.L.C., a portfolio company of BV Investment Partners (Rave), announced today that they have entered into a definitive agreement pursuant to which AMC will acquire four theatres owned by Rave and managed by Rave Cinemas, LLC under the "Rave Motion Pictures" brand. The four theatres have 61 all-digital screens, 46 percent of which are 3D capable. The theaters are in three markets new to the AMC portfolio; Montgomery, Ala., Destin, Fla., and Baton Rouge, La. (two theatres). Each theatre has obtained the No. 1 position in all three markets and the average age of the theatres is nine years, with numerous upgrades having occurred at each location since construction.

"We are pleased to add these four theatres to our quality fleet of locations. This is a natural progression of business that we anticipated following our own acquisition by the Wanda Group," said Gerry Lopez, AMC CEO and president. "With this strategic acquisition, we are adding new markets to our footprint and serving a new audience in the South and Southeast. We're very excited to bring our amazing movie-going experience to these new parts of the country."

"We are pleased to be handing over the ownership of these four top notch theaters to such a high quality company as AMC. We thank all of our theater employees who have done an excellent job over the years and we also thank Rave Cinemas, LLC which has managed these theaters professionally and profitably for us since 2009," said Roy F. Coppedge III, Managing Director of BV Investment Partners.

Completion of the acquisition is subject to the satisfaction of customary closing conditions for transactions of this type.

Foros acted as financial advisor and Ropes & Gray LLP acted as legal counsel to Rave in this transaction.

Forward-Looking Statements

Certain statements in this press release, as well as reports and other information that AMC files with the Securities and Exchange Commission, include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. The words "forecast," "estimate," "project," "intend," "expect," "should," "believe" and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors, which may cause AMC's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

About AMC Theatres

AMC Theatres(R) delivers distinctive and affordable movie-going experiences in 332 theatres and 4,804 screens throughout the United States. AMC operates 25 of the 50 highest grossing theatres in the United States, including four of the top five. AMC has propelled industry innovation and continues today by delivering premium sight and sound, enhanced food and beverage and diverse content to an engaged audience in state-of-the-art buildings. www.amctheatres.com

About BV Investment Partners

BV Investment Partners is one of the oldest and most experienced sector-focused private equity firms in North America. Since its founding in 1983, the firm has invested over $2.6 billion in over 75 companies, actively targeting investments in the information and business services and communications industries. For more information, please visit www.bvlp.com .

SOURCE: AMC Entertainment Inc.

Posted by Evans A Criswell (Member # 381) on 11-30-2012, 01:40 PM:

I'm already hearing worries that Carmike is going to ruin a good thing here in Huntsville. People really like The Rave Valley Bend 18 and are afraid things will go downhill with the change.

Posted by Martin McCaffery (Member # 37) on 11-30-2012, 02:41 PM:

Carmike originally got big being the used car salesmen of the exhibition industry, looks like they returning to their root [evil]

Posted by Louis Bornwasser (Member # 3063) on 11-30-2012, 03:25 PM:

Evans: they have good reason to worry.

Posted by Mike Rivest (Member # 5500) on 12-02-2012, 02:34 PM:

Also AMC buys out four Raves
http://www.bigscreen.com/journal.php?id=2740

Anything left for RAVE?

Posted by Martin McCaffery (Member # 37) on 12-02-2012, 07:55 PM:

And answering my own question, FWIW, according to a local newspaper article from Dec 2000, the Montgomery Rave is their first built theatre. Can't tell if they had starter theatres before.

Posted by Shane Cooper (Member # 2510) on 01-15-2013, 12:10 AM:

Montgomery and Hickory Creek, TX were built at the same time. Hickory Creek was slated to open first, but Montgomery ultimately beat it by a week.

Posted by Martin McCaffery (Member # 37) on 01-18-2013, 08:11 AM:

And the deal went through quickly, the Festival Plaza in Montgomery was relabelled AMC before Christmas.