A European theater chain is buying Troy-based Emagine Entertainment.
Kinepolis Group, a Belgian company, announced on Tuesday, Nov. 4, that it plans to acquire 14 Emagine theaters in Michigan, Illinois, Indiana and Wisconsin and finalize the $105 million deal by the end of the year.
The deal is for 100% of Emagine’s business, according to a news release, and the theaters will continue to operated under the Emagine brand name.
Not all of the 28 theater locations listed on Emagine’s website are included in the deal, as about half are operated by third parties.
The Kinepolis Group previously acquired the MJR Digital Cinemas chain in 2019 and continued to operate those 10 theaters under the MJR brand. That deal marked the firm’s entry into the U.S. market.
“Kinepolis has a reputation for operating exceptionally well-run cinemas both in Europe and in North America,” Paul Glantz, chairman and CEO of Emagine, said in the news release. “Their commitment to providing guests with an unforgettable movie experience makes them the ideal suitor to continue the stewardship of Emagine into the future.”
Crain’s Detroit reported that Glantz and his family own about 36% of Emagine. Glantz was not available for additional comment Tuesday morning.
“With the acquisition of Emagine Entertainment, we are back on track with the execution of our expansion strategy since the pandemic,” Eddy Duquenne, CEO of Kinepolis Group, said in a statement. “We do this with a high-quality asset in a market where we have had positive experiences with our Kinepolis concepts. The location and size of the cinemas make them a valuable addition to the Group’s portfolio, allowing us to expand our presence in the US market and strengthen our national structure.”
The news release says Emagine’s theaters see about 6 million visitors a year and do nearly $129 million in revenue. The size of the $105 million deal could go up an additional $15 million, based on box office results through the rest of the year.
Michigan theaters not included in the deal are The Riviera Cinema in Farmington Hills and Emagine Woodhaven, which operate under the Emagine brand but are managed by third parties through a brand licensing agreement, the news release says.
The theaters that are in the deal:
Michigan:
Quality 10 Powered by Emagine (Saginaw)
Illinois:
Indiana:
Wisconsin:
(This story has been updated to include new information.)
Check back to Freep.com for more on this developing story.
This article originally appeared on Detroit Free Press: European operator to buy Emagine theaters, many in Michigan
‘ The preceding article may include information circulated by third parties ’
‘ Some details of this article were extracted from the following source www.yahoo.com ’
