In-theatre dining concept Studio Movie Grill (SMG) has secured a $100m investment from international investment management firm TowerBrook Capital Partners.
The dining chain will use the strategic investment to accelerate its next stage of growth as it plans to open in-theatre dining locations across the country.
MG founder and CEO Brian Schultz said: “This partnership allows SMG to pursue a common vision with TowerBrook and leverage our powerful community-centric business model to drive growth.
“TowerBrook is an ideal partner for SMG not only because of its deep operational capabilities and strong network, but its established commitment to sustainable and socially responsible business practices as a Certified B Corporation.”
TowerBrook Capital made the investment through its TowerBrook Structured Opportunities Fund (TSO) and follows various investments made by the company in businesses within the cinema and entertainment spaces such as GBA Group, JJA, OVH, La Maison Bleue and Gravity.
TowerBrook managing director Jonathan Bilzin said: “We are thrilled to partner with Brian Schultz and SMG’s management team as the company enters its next phase of growth.
“Consumers are increasingly looking for high-quality experiences, and SMG has been at the forefront of innovation in this evolving industry.”
Established in 1993, SMG operates in-theatre dining locations with 333 screens across the US. The company offers a range of menu items such as scratch food and craft cocktails.
The company introduced its first loyalty programme, SMG Access, in June last year. It rewards guests through free movies and free meals for their purchases. The programme is expected to impact over one million by 2020.