CALGARY, Dec. 8, 2017 /CNW/ - Landmark Cinemas Canada LP & TriWest Capital Partners are pleased to announce the completion of the sale of Landmark Cinemas LP to Belgium based Kinepolis Group NV. In mid-September 2017, Kinepolis reached an agreement with the shareholders of Landmark Cinemas to acquire the company subject to Canadian regulatory approvals. The approval by the Minister of Canadian Heritage, The Honourable Mélanie Joly, on December 7th, allowed Kinepolis to successfully complete the acquisition.
Landmark Cinemas operates 44 movie theatres of various sizes, all located in Central and Western Canada, and has its head office in Calgary, Alberta. Operating 44 locations, 303 screens and 55,000 seats, Landmark is Canada's second largest cinema operator, with a market share of 10%.
The acquisition fits in with the expansion strategy pursued by Kinepolis and enables the Group to enter a new market which is characterized by healthy macroeconomic prospects, a growing population and a favourable business climate. Entering a new continent creates geographic diversification of Kinepolis' business activities and provides new growth opportunities through acquisitions and new-build projects. The agreement with Landmark Cinemas already includes two new-build recliner projects in St. Albert and Fort McMurray, Alberta. It also includes plans for more new-build movie theatres.
Kinepolis will manage the Canadian company, which employs 1,450 people, through a local executive management board made up of the current Landmark Cinemas management and supported by an integration team that will adapt the Kinepolis' strategy for the Canadian market. With the completion of the acquisition, Neil Campbell, presently CEO Landmark Cinemas will transition to the role of Vice Chairman, and Bill Walker, presently the company's COO will assume the position of CEO, Landmark Cinemas.
Kinepolis Group was formed in 1997 by a merger of two family-run cinema groups and was first listed on the stock exchange in 1998. Kinepolis proposes an innovative cinema concept that serves as a pioneering model within the industry. In Europe, Kinepolis Group NV has 48 cinemas spread across Belgium, the Netherlands, France, Spain, Luxembourg, Switzerland and Poland. In addition to its cinema business, the Group is also active in film distribution, event organization, screen advertising and property management.
Following this acquisition, Kinepolis Group operates 92 cinemas (42 of which it owns), with a total of 802 screens and more than 180,000 seats. Including the acquired Canadian organization, Kinepolis now employs 3,750 people, all committed to giving millions of visitors an unforgettable movie experience.
Landmark Cinemas Canada LP
Landmark Cinemas Canada is Canada's second largest motion picture, exhibition company. From a single screen in 1965, today Landmark Cinemas continues to provide the perfect setting for Movie Lovers to connect and share the perfect movie-going experience at 44 theatres on 303 screens throughout Western Canada, Ontario and the Yukon Territory. We are connected to the communities we serve, and our Cast and Crew are proud supports of Kids Help Phone programs and initiatives. The corporate headquarters of Landmark Cinemas is in Calgary, Alberta.
SOURCE Landmark Cinemas
For further information: MEDIA INQUIRIES TO: Kinepolis Press Office, +32 (0)9 241 00 16, email@example.com; Landmark Cinemas, Jack Gardner, VP Marketing, Direct: (416) 505-3587, Email: firstname.lastname@example.org