National CineMedia, Inc. (NASDAQ: NCMI) has completed the acquisition of Captivate Holdings, LLC for $275.0 million. The acquisition, which was completed on Thursday, expands National CineMedia's digital screen network to over 48,000 screens across 185 Designated Market Areas, including all of the top 100.
The acquisition was funded through a new $275.0 million senior secured first lien term loan facility, cash on hand, and a new $25.0 million senior secured revolving credit facility ($10 million drawn at closing). The financing was provided by Crestline Direct Finance, L.P. and Encina Commercial Finance, with Crestline Direct Finance serving as the administrative agent and collateral agent.
National CineMedia's cinema platform includes approximately 22,000 theater and lobby screens in over 1,750 theaters, presented across 44 theater circuits. Captivate's network operates over 26,000 digital video screens across more than 11,000 office and residential buildings in North America, providing digital video advertising networks in these locations.
Tom Lesinski, Chief Executive Officer of National CineMedia, stated that the acquisition of Captivate is a key step in advancing NCM's strategy to build a broader premium video and digital out-of-home advertising platform.
