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Carmike Cinemas buys 16 theaters from Rave Reviews

Monday, 1 Oct 2012 | 10:43 AM ET

COLUMBUS, Ga. -- Carmike Cinemas Inc. said Monday that it has bought 16 theaters for $19 million in cash, part of Carmike's push to expand through acquisitions.

The theater chain bought the theaters, which have 251 screens, from Rave Reviews Cinemas LLC, which is owned by investment firm BV Investment Partners. The purchased theaters are in Alabama, Florida, Indiana, Pennsylvania, Tennessee and Texas. About 40 percent have 3-D-capable screens and seven include large Imax screens.

The deal also includes about $100.4 million in assumed lease obligations, Carmike said.

Carmike said it will continue to employ the Rave workers at the theaters it bought.

Shares of Carmike climbed 67 cents, or 5.9 percent, to $11.95 in morning trading. The stock has traded between $5.18 and $15.80 over the past 52 weeks.

As of June 30, Carmike owned 233 theaters in 35 states.

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