News Release
Loews Cineplex Entertainment Announces Close of Acquisition by Bain Capital, The Carlyle Group and Spectrum Equity Investors
New York, New York -- Loews Cineplex Entertainment Corporation announced today the completion of the acquisition of the Company for US$1.5 billion by a corporation formed by Bain Capital, The Carlyle Group, and Spectrum Equity Investors. The corporation announced an agreement to purchase Loews from Onex Corporation and Oaktree Capital Management, LLC on June 21, 2004.
Loews Cineplex Entertainment Corporation is the third largest movie theater chain in the world, with 200 theaters and 2,176 screens worldwide. The assets acquired include Loews' operations in the U.S., Grupo Cinemex's operations in Mexico, and Loews' 50% interests in the operations of Megabox Cineplex of South Korea and Yelmo Cineplex of Spain. The company operates under the names of Loews Theatres, Cineplex Odeon, Star Theatres and Magic Johnson Theatres in the United States, as well as Cinemex in Mexico, Megabox in South Korea and Yelmo Cineplex in Spain.
For more information:
John McCauley
Senior Vice President, Marketing
Loews Cineplex Entertainment
646-521-6142
Bain Capital
Bain Capital is a global private investment firm with more than US$20 billion in assets under management. Since its inception in 1984, the firm has made private equity investments in over 225 companies around the world, including media and entertainment companies Warner Music Group, ProSiebienSat1. Media AG and Artisan Entertainment. Headquartered in Boston, Bain Capital has offices in New York, London and Munich.
Spectrum Equity Investors
Spectrum Equity Investors is a private equity investor in established companies in the media, communications, information technology, and information and business services industries. Founded in 1994, Spectrum is one of the largest and fastest-growing private equity investment firms worldwide. Spectrum manages private equity funds representing $3 billion in committed capital.
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