Connections-and Grandpa’s advice-helped open doors for Roberts. The old man turned him down but agreed to help hone his 50-page business plan. On a fishing trip, he asked Grandpa Lee Roy for financial backing.
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At 13, when Grandpa Lee Roy gave him a pricey Big Buck Hunter Pro two-shooter arcade game for Christmas, he moved it (with Grandpa’s okay) to his parents’ theater and split the revenue with them 50/50, using his share to buy additional moneymaking arcade games.īy 17, Roberts was aiming to take entertainment complexes like Dave & Buster’s to the next level. That experience led him to hate pickles and crave a piece of the action. Most notably, his maternal grandfather, Lee Roy Mitchell, founded Cinemark and at 85 is still chairman with a 9% stake (now worth $150 million) in the 524-theater, 5,897-screen chain.Īs a kid, Roberts swept up popcorn and refilled pickle jars at a cinema owned by his parents. Roberts, for his part, is a fourth-generation movie theater entrepreneur. Last year, Parsley was acquired by rival Pioneer Natural Resources (run by Sheffield’s father) for $4.5 billion in stock. Sheffield started Parsley Energy in 2008 by taking over management of 109 of his grandpa’s old oil wells and securing drilling rights from there.
Both went into family businesses but branched out on their own.
Maybe it’s not surprising Sheffield and Roberts hit it off. Evo will get a management fee of around 2.5% of revenues on Sheffield-funded properties and, if they clear profitability hurdles, some equity, too. Under their deal, Sheffield’s family office has committed up to $125 million to renovate and buy properties. They want to get together,’’ declares Roberts, a member of this year’s Forbes 30 Under 30 class. But after months of discussions, he concluded Roberts was on to something-the “crowd business” would survive not only Covid but also streaming and cheap 65-inch TVs. “I thought he was crazy at first,” admits Sheffield, a third-generation oilman. To bankroll $30 million in renovations on those four properties and fund further expansion without adding to his $40 million in bank debt, Roberts has enlisted Bryan Sheffield, a 43-year-old centimillionaire. But Roberts went into expansion mode, scooping up four darkened Texas facilities including Southlake Town Square in Dallas, which he is now turning into a flagship with seven dine-in theaters, heated recliners, laser tag, bumper cars, mini-golf and an indoor ropes course. Roberts owns 60% of Evo, his two sisters the rest.Īs the pandemic has dragged on, a handful of chains announced permanent closings while others, such as Austin-based Alamo Drafthouse (which pioneered serving booze to moviegoers a quarter-century ago) reorganized in bankruptcy. In 2021, sales were just 15% lower than in 2019, and by the second quarter the operation turned profitable again. Between Roberts’ hustling and Texas’ earlier relaxing of Covid restrictions, Evo crawled back far faster than many of its cinema peers. Roberts stayed afloat only due to temporary forbearance from his bank and then $21 million from the federal government from a fund specifically earmarked for shuttered entertainment venues. Nevertheless, Evo’s revenues fell 60% to just $20 million in 2020. Captive Audience: Mitch Roberts at his Schertz, Texas, multiplex, where servers deliver high-margin comfort food directly to your comfy recliner seat.
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