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Marwit Takes Trans-Lux Business Line
Marwit Capital has acquired the movie theater division of Trans-Lux Corporation for $24.5 nillion.
August 14, 2008
A subsidiary of the private investment firm Marwit Capital acquired Trans-Lux Corporation’s movie theatre division for $24.5 million, including a possible $2.3 million in earn-out.
The new entity will be known as Storyteller Theatres Corporation from now on. Storyteller Theatres was infused with $11.8 million in funding by Fifth Street Finance Corp. last month.
Chris Britt, managing partner at Marwit Capital said, “In our previous fund, we were fortunate enough to be the first professional investor in Signature Theatres, which grew over a seven-year period to become the 12th largest movie theatre chain in the U.S. before being acquired by Regal Entertainment Group.”
Matt Brandt, co-CEO stated, “Our theatre circuit has a long history of providing a quality entertainment experience to our patrons by delivering Hollywood's latest and greatest films in the comfort and style of what today's discerning movie-goer has come to expect.”
Trans-Lux Theatres was founded in the 1920’s and the Brandt family has been involved with the circuit for more than 50 years, Britt said. Storyteller, formerly Trans-Lux Theatres, is based in Santa Fe, NM and operates 10 theatres comprising 69 screens in New Mexico, Colorado, Arizona, and Wyoming.
Marwit partnered with existing management, Tom Brandt, Matt Brandt and Tom Becker, who will continue to lead the Company going forward.
Marwit was founded in 1962, and is now located in Newport Beach, California.
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