Studio Movie Grill, a 32-unit movie theater-dining chain, said Wednesday it has received a $100 million strategic investment from TowerBrook Capital Partners.
The Dallas-based company said the investment would help it accelerate its growth as the company plans to open its in-theater dining locations across the U.S.
Brian Schultz, Studio Movie Grill’s founder and CEO, called TowerBrook “an ideal partner” because of its operational capabilities and strong network, as well as its “commitment to sustainable and socially responsible business practices.”
Studio Movie Grill, or SMG, opened in 1993 and has a menu that features burgers, chicken, bento boxes, bowls and some traditional fare, as well as a kids menu, drinks and salads.
The company also has a commitment to supporting community outreach programs across the country.
The chain has helped lead a new generation of theater chains with full restaurants—including publicly traded iPic as well as Alamo Drafthouse Cinema.
It also comes as more companies push “eatertainment” options that feature full restaurants along with games, movies or some other form of entertainment, as consumers seek more experienced-based dining options. That includes more restaurant-focused concepts such as Punch Bowl Social and the golf-game concept TopGolf.
Studio Movie Grill received its investment from TowerBrook’s Structured Opportunities Fund, which pursues noncontrol investments that back management teams and businesses at an “inflection point” in their growth.
TowerBrook has connections in the cinema and entertainment spaces with its previous investments. “Consumers are increasingly looking for high-quality experiences, and SMG has been at the forefront of innovation in this evolving industry,” Jonathan Bilzin, managing director of TowerBrook, said in a statement.