Crestline Management, L.P. ("Crestline") is excited to announce the close of a new first lien credit facility to National CineMedia, Inc. (NASDAQ: NCMI) ("NCM" or the "Company") to finance its acquisition of Captivate Holdings, LLC ("Captivate"), the leading operator of office and residential digital video advertising in North America. Crestline provided the financing alongside Encina Commercial Finance. NCM is the largest cinema advertising platform in the United States.
"NCM is a market leader in cinema advertising with deep relationships across the exhibitor landscape, and Captivate brings a complementary out-of-home network. We are excited to support NCM in executing this transaction and look forward to our partnership as the combined platform continues to scale," said Michael Aingorn, Senior Managing Director at Crestline.
"Crestline is an active investor in the digital out-of-home ("DOOH") space, where scale and measurable outcomes are increasingly important to advertisers. We believe NCM and Captivate are positioned to meet that demand and capitalize on positive industry tailwinds," added Samantha Smith, Director at Crestline.
"Crestline’s expertise in the Digital Out of Home (“DOOH”) and cinema advertising spaces, speed of close, and ability to execute a transaction across their strategies have stood out to us during the process. We are looking forward to the continued work together," said Tom Lesinski, Chief Executive Officer of NCM.
About Crestline Management, L.P.
Crestline is a global alternative investment management firm founded in 1997 and based in Fort Worth, Texas, with affiliate offices in London, New York, Tokyo, and Toronto. The firm has approximately $18 billion of credit assets under management (as of June 30, 2026) including its capital solutions, direct lending, and portfolio finance platforms. Crestline operates as part of Rithm Capital Corp. (NYSE: RITM), a global alternative asset manager with significant experience managing credit and real estate assets and an integrated platform that spans asset-based finance, residential and commercial real estate lending, mortgage servicing rights, and structured credit. For more information, visit www.crestlineinvestors.com.
About National CineMedia
National CineMedia, Inc. (NCM, NASDAQ:NCMI) is the leading premium video and digital out-of-home advertising platform in the U.S., connecting brands to sought-after audiences across cinema, office, and residential environments. A premium video, full-funnel marketing solution for advertisers, NCM enhances marketers' ability to measure and drive results. NCM’s platform comprises more than 48,000 digital screens in 185 Designated Market Areas®, including all of the top 100. NCM’s cinema advertising platform, including Spotlight, consists of approximately 22,000 total theater and lobby screens in over 1,750 theaters, and NCM's Noovie® Show is presented exclusively in 44 leading national and regional theater circuits including the only three national chains, AMC Entertainment Inc. (NYSE:AMC), Cinemark Holdings, Inc. (NYSE:CNK) and Regal Entertainment Group (a subsidiary of Cineworld Group PLC). Through its wholly owned Captivate subsidiary, NCM operates over 26,000 digital video screens across more than 11,000 office and residential buildings in North America. NCM is the managing member and owner of 100% of National CineMedia, LLC (NCM LLC). For more information, visit www.ncm.com.
This financial promotion is issued by Crestline Management, LP and Crestline Europe, LLP (together "Crestline"). Crestline Europe, LLP is authorized and regulated by the Financial Conduct Authority (FCA). The material is not intended to be a formal research report and nothing in this presentation should be interpreted to state or imply that past results are an indication of future performance. Any opinions expressed herein are our current opinions only. There can be no assurance or guarantee that Crestline's investment strategy will achieve its stated goal. All information provided in this presentation is for informational purposes only Crestline accepts no liability for loss arising from the use of this material. In the United Kingdom, this communication is being made only to, or directed only at, persons who are: (i) investment professionals within the meaning of Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (“FP Order”); (ii) high net worth companies and certain other entities falling within Article 49 of the FP Order; or (iii) any other persons to whom such communication may lawfully be made. It must not be acted, or relied, upon by any other persons.
