CMX To Acquire Cobb Theatres
Acquisition expands U.S. footprint to 8 states and additional 287 screens
MIAMI, Oct. 11, 2017 /PRNewswire/ -- CMX Cinemas, the wholly owned subsidiary of Cinemex, and Cobb Theatres, a highly respected operator of progressive movie theatre brands primarily located in the southeast, today jointly announced a purchase agreement pursuant to which CMX will acquire all of Cobb's 25 existing locations as well as two theatres under development in Florida and Georgia. The purchase represents the on-going strategy of CMX Cinemas to establish a major footprint within the motion picture exhibition industry in the United States. The acquisition will position CMX as the eighth largest movie theatre chain in the United States with 30 currently operating sites and 342 screens.
"This acquisition creates a perfect fit for us due to CMX's and Cobb Theatres' shared vision to provide a top-quality guest experience. In addition, Cobb Theatres' locations and its renowned expertise in the motion picture exhibition industry will complement CMX's theatres in the United States," said Jose Leonardo Marti, Director of Cinemex. "This new venture will bolster CMX's expansion plans in the United States and comes on the heels of our recent announcement of additional locations in Florida and the Midwest through the acquisition of four Paragon Theatres." This transaction is expected to close in the fourth quarter of 2017, subject to regulatory approval and the satisfaction of other customary closing conditions.
"We are pleased to have the great traditions of Cobb Theatres and CinéBistro become a significant part of such an exciting and growing company as CMX," states Robert M. Cobb, President and CEO of Cobb Theatres. "I am certain our theatres and people will contribute to the CMX initiative of building a strong and prosperous circuit in the United States."
CMX will continue to grow organically and through acquisitions in the United States by developing and opening new theatres. Since the successful launch of its first movie theatre at Brickell City Centre in Miami, FL in April 2017, CMX has become a recognized entertainment destination.
Dechert LLP is serving as CMX´s lead legal advisor. Peter J. Solomon Company is serving as exclusive financial advisor to Cobb Theatres and Sirote & Permutt, PC is serving as Cobb Theatres´ legal advisor.
For more information about the CMX experience, follow us on social media @CMXCinemas or visit www.cmxcinemas.com.
About CMX
CMX, a wholly owned subsidiary of Cinemex, opened its doors in April 2017 at Brickell City Centre, Miami, FL, offering new features to give guests an innovative and VIP movie-going experience. CMX provides state-of-the art technology that can be enjoyed in-seat or at the theatre's trendy and exclusive sports-lounge bar, making CMX the one-stop-shop for entertainment. CMX has 5 sites, 55 screens and 330 employees, in venues located in Miami, FL, Wellington, FL, Rochester, MN, Burnsville, MN, and Arlington Heights, IL. For more information about CMX please contact Luis Castelazo at +1 (305) 982-6120.
About Cinemex
Cinemex is one of the top ten cinema chains worldwide, with 316 sites, 2,728 screens and 13,000 employees. Founded in 1995 with the intent to revolutionize the movie entertainment industry, Cinemex began installing multiplexes and stadium-style seating with the primary focus of attending every guest's needs. Today Cinemex continues to offer innovating concepts in cinema-going, including Platino Cinemex and Cinemex Premium, state-of-the-art theatres equipped with luxury seating and first-class dining, Cinemex 3D, and the 4D experience. At Cinemex, being the best in entertaining our guests is our main goal.
About Cobb Theatres and CinéBistro
Cobb Theatres is a progressive motion picture exhibitor operating 287 screens at 25 locations throughout the southeastern United States. Cobb is an innovator of out-of-home entertainment, offering great family venues and a unique experience for the modern day moviegoer. The CinéBistro experience was developed for the most discerning moviegoers and strives to bring the best of both worlds, dinner and a movie together, in one package served right to guests' seats. For more information about CinéBistro, please visit www.CinéBistro.com. For more information about Cobb Theatres, please visit www.cobbtheatres.com.
SOURCE CMX Cinemas
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