Blantyre Capital II Secures Board Seat at National CineMedia with 28.9% Stake

Encina Commercial Finance and Crestline Direct Finance provided $125M in first-out financing for National CineMedia's $300M acquisition of Captivate Holdings. NCM is a leading U.S. out-of-home advertising platform with over 48,000 digital screens.

National CineMedia, Inc. (NCMI) filed an SEC Form 8-K — Completion of Acquisition or Disposition of Assets. Exhibit 99.1 National CineMedia, Inc. Completes Acquisition of Captivate Creates the Leading Premium Video and Digital Out-of-Home Advertising Platform with More Than 48,000 Screens Across 185 Designated Market Areas CENTENNIAL, Colo., (September 21, 2026) – National CineMedia, I

National CineMedia (NCMI) reported Q2 2026 revenue of $58.4M, up 12.7% YoY, with adjusted OIBDA at $2.1M, a 200% increase. The company announced a $275M acquisition of Captivate, a digital video advertising network, to expand its reach. NCMI paused its dividend and share repurchase programs to facilitate debt repayment post-transaction. Management highlighted a 19% increase in attendance and growth in local advertising revenue, up 48.4%. The acquisition is expected to close in the second half of

National CineMedia agreed to buy Captivate Holdings for $275 million enterprise value, creating a network of over 48,000 digital screens. The deal targets $3.5 million annual run-rate cost synergies, financed by a $275 million term loan plus a $25 million revolver, with closing expected in 2H 2026. Privacy Bee acquired EraseMe; Think was fully acquired by Asahi Intelligence Service as revenue reached ¥461 million.

National CineMedia (NCM) agreed to acquire Captivate Holdings from Generation Partners for $275 million, expanding from cinema ads into office and residential digital out-of-home video. Captivate runs 26,000-plus screens in 11,000-plus buildings. NCM said the deal boosts targeting and measurement. NCM reported Q2 net loss of $9.9M on revenue of $58.4M, up 13%, and shares fell to $3.20.

Generation Partners said it sold its majority stake in Captivate Holdings LLC, a digital out-of-home elevator and lobby advertising network with 26,000+ screens across 170 U.S. and Canadian DMAs, to National CineMedia (NASDAQ: NCMI). The deal follows Generation’s 2013 acquisition and a decade-long technology and network expansion plan.