COINSTAR TO ACQUIRE AMERICAN COIN MERCHANDISING INC.
BELLEVUE, WA - Coinstar Inc. (Nasdaq:CSTR) today announced a definitive agreement to purchase American Coin Merchandising Inc. and its parent company, ACMI Holdings Inc., for $235 million in cash. ACMI, operating as SugarLoaf Creations, owns and operates amusement and vending equipment in the U.S., with more than 167,000 machines in more than 18,000 locations.
ACMI is one of the largest U.S. operators of skill cranes, bulk venders, kiddie rides and video games. Its client and location base consist of mass merchants, supermarkets, warehouse clubs, restaurants, entertainment centers, truck stops and other distribution channels. ACMI's revenue for the last 12 months ended March 31, 2004 was approximately $220 million. As of March 31, 2004, ACMI employed approximately 1,150 people.
Coinstar owns and operates a network of nearly 11,000 automated self-service coin-counting machines that provide consumers with a convenient means to convert loose coins into cash. Acquisitions during the past year have laid the foundation for the distribution of a wide variety of prepaid products through point-of-sale and self-service kiosks in over 13,000 drugstores, universities, shopping malls and convenience stores, bringing the total to over 24,000 distribution points throughout the U.S., Canada and the United Kingdom. Combined, Coinstar and ACMI are expected to serve 40,000 locations.
"We are very excited about the acquisition of ACMI. We believe that the combined companies will diversify Coinstar's business and greatly benefit shareholders," said Constar CEO Dave Cole. "ACMI is a leader in self-service amusement vending with an extensive distribution network, a strong and growing revenue stream and a customer-focused culture. The combined strengths of the two companies will allow us to penetrate new classes of trade and provide retailers with a single source for a range of front-end consumer services."
DAVE & BUSTER'S TO BUY NINE JILLIAN'S STORES
DALLAS , Dave & Buster's Inc. today announced that its wholly owned subsidiary, Tango Acquisition Inc., has agreed to acquire out of bankruptcy the operating assets of the majority of Jillian's Entertainment Holdings' largest restaurant/entertainment complexes and other related assets for approximately $27 million cash. The transaction also includes the Jillian's name and brand.
Financing for the proposed transaction has been secured, which anticipates up to an additional $8 million being available for capital improvements to the Jillian's locations. The nine Jillian's complexes are located in the metropolitan areas of: Minneapolis, MN; Philadelphia, PA; Concord, NC; Farmingdale, NY; Nashville, TN; Houston, TX; Arundel, MD; Scottsdale, AZ and Westbury, NY. These restaurant/entertainment complexes will continue to operate under the Jillian's name. They range in size from 46,000 to 68,000 sq.ft. and employ approximately 2,100 people, all of whom are expected to be added to the Dave & Buster's 6,000-plus team.
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