Monday, Trans-Lux Corporation (TLX) said it completed the previously announced sale of its Entertainment division to private equity firm Marwit Capital of Newport Beach, CA effective July 15th. The company plans to utilize the proceeds to pay-down long-term debt to People's United Bank.
The supplier of electronic information displays and operator of cinemas said that the assets sold included 10 theatres and 69 screens in New Mexico, Colorado, Arizona and Wyoming. The purchase price of $24.5 million includes the assumption of about $16.7 million in debt, and with potential additional purchase price of up to $2.3 million based on the performance at the DreamCatcher Cinema. The buyer also has a six-month option to purchase raw land from the company in Silver City, New Mexico.
Matthew Brandt and Thomas Brandt, executive officers of Trans-Lux will become full time officers of Marwit Capital to manage the acquired theatre business.
The Norwalk, Connecticut headquartered Trans-Lux has agreed not to compete in the theatre business in the Western states of the United States for five years and has licensed the name "Trans-Lux Theatres" in connection with such movie theatre circuit.
Jesup & Lamont Securities Corporation acted as exclusive financial advisor for Trans-Lux. Stephen DeGroat, former chairman and chief executive officer of Jesup & Lamont is expected to continue advising Trans-Lux on certain financial matters to help the company in its future growth plan for the Display Division.
TLX closed Friday's regular trading session at $3.45.
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