Cinépolis Acquires Moviehouse & Eatery to Grow Dine-In Theatre Presence in the United States
Jul 26, 2019, 18:48 ET
AUSTIN, Texas, July 26, 2019 /PRNewswire/ -- Cinépolis, the 2nd largest cinema operator in the world in terms of moviegoers, has announced the acquisition of Moviehouse & Eatery, an upscale dine-in movie theatre circuit in Texas with 5 operating locations and one under construction. As of the completion of the transaction, Cinépolis operates 258 screens at 26 locations in 7 states in the United States.
Cinépolis, a powerhouse in global cinema with almost five decades of operating experience, currently operates 5,941 screens across 738 cinemas, with presence in 17 countries, entertaining over 338 million patrons annually.
Alejandro Ramírez Magaña, Chief Executive Officer of Cinépolis said, "We are fully committed to bring our global expertise to the U.S. market. This is a strategic transaction that will help us expand and strengthen our best-in-class luxury offer in this market and around the world."
Arturo López Martín, Chief Investment Officer of Cinépolis, said, "Cinépolis is the premier luxury player in the United States and across the globe. We are truly excited about the prospects of this transaction, as we continue to invest in the potential of differentiated moviegoing experiences."
Moviehouse & Eatery co-founder Leslie Sloan said, "Cinépolis shares the same high standards that we maintain at Moviehouse & Eatery and it is the perfect company to take Moviehouse to the next level. We are excited that Cinépolis will expand the Moviehouse experience to people all across the country." Moviehouse & Eatery co-founder Rodney Speaks added, "Cinépolis provides our Moviehouse & Eatery employees the opportunity to grow with a global exhibitor." Speaks and Sloan, originally real estate developers before venturing into the dine-in theater business, intend to continue working with Cinépolis to develop new theater sites in the United States.
Since the opening of its first theatre in 2012, Moviehouse & Eatery has quickly become one of the leading upscale dine-in theatre operators in Texas with 5 theatres and 47 screens in the Austin and Dallas metropolitan areas, appealing to an affluent, family-oriented demographic. Each location offers scratch-made food and plush recliner seating, as well as full bar and dine-in service using call button technology. Moviehouse & Eatery also offers premium large format auditoriums, "Bighouse", in 3 theatres and luxurious dining lounges in all locations. Moviehouse & Eatery is poised for continued growth, with a sixth theatre under construction in the Woodlands suburb of Houston that is expected to open in November 2019.
Effective immediately, the acquisition expands Cinépolis USA's footprint, with no immediate plans to make any operational or guest-facing changes to the Moviehouse & Eatery brand. Moviehouse & Eatery will continue to operate independently until further notice and retain all existing employees, programs and scheduled events. Moviehouse & Eatery brings excellent talent, outstanding service and highly complementary strengths to Cinépolis, enhancing its ability to offer a premium experience to its guests and to create substantial value to its shareholders.
Dechert LLP is serving as legal counsel to Cinépolis. PJ SOLOMON is serving as financial advisor and Hightower and Associates is serving as legal counsel to Moviehouse & Eatery.
About Cinépolis
Cinépolis was founded in Mexico in 1971. Today, it has positioned itself as the world's 2nd largest movie theater circuit in terms of attendance. Operating 738 cinema complexes with 5,941 screens, Cinépolis entertains over 338 million moviegoers annually in 17 countries worldwide. Cinépolis has recently entered the Indonesian market as well. It was the first cinema exhibitor in the world to pioneer the concept of luxury movie theaters, establishing the first luxury theater experience in 1999 in Mexico City. Cinépolis aspires to provide its guests with the best overall experience in film entertainment and employs a global workforce of over 43,000 people to support its mission.
SOURCE Cinépolis Luxury Cinemas
