Carlyle goes to the movies
District-based investment firm The Carlyle Group is one of three investors that have agreed to buy Loews Cineplex Entertainment from Onex Corp. and Oaktree Capital Management for $1.46 billion.
The buyout is being led by Bain Capital, an investment firm started in 1984 by Mass. Gov. Mitt Romney. Spectrum Equity Investors is also part of the buyout team.
Loews is the third largest movie theater chain, with about 200 Cineplex operations worldwide. It operates 17 theaters in the Washington area. The company, founded by Marcus Loew in 1904, started life as a nickelodeon in New York. At its peak, it had 365 locations.
The Carlyle Group has more than $17 billion in assets under management. Last month it agreed to buy Verizon’s Hawaiian business for $1.6 billion.
Carlyle was founded in 1987. Its directors have included former President George Bush, Collin Powell, James Baker and former British Prime Minister John Major.