CALGARY (MMD Newswire) June 27, 2013 -- Landmark Cinemas of Canada has announced that it has reached a definitive agreement with Empire Theatres Limited to acquire 20 Empire theatres with 179 screens in Western Canada and Ontario.
Neil Campbell, COO and Partner of Landmark Cinemas of Canada stated, "My partners and I are thrilled with the acquisition from Empire Theatres. This purchase fits perfectly into our growth strategy in the entertainment business; a business we have been very successful in for close to 50 years."
"In 2012 we were able to grow our circuit in Western Canada by 25% with the building of new theatres in New Westminster, Penticton and West Kelowna, which is the location where we successfully launched our new extra large screen brand, the 'Xtreme' theatre, featuring the next generation of 3D immersive sound, Barco's Auro 11.1. The complete circuit-wide digitalization of 125 screens, along with the installation of complimentary reserved seating, online ticket purchasing and HFR (High Frame Rate) technology in our key markets also contributed significantly to our growth and continues to do so today."
The new combined geographic footprint for Landmark Cinemas includes a total of 51 theatres with 304 screens, featuring three IMAX and three Extra brand theatres throughout Western Canada, Ontario and the Yukon Territory.
Campbell adds, "These additional theatres not only increase our strong presence in Western Canada, they help extend our unique theatre brand into key communities in the eastern part of this country. Adding to the actual theatre and screen growth is the growth of dynamic employees from 600 to 1500. That's a lot of fun! Having employees that understand the importance of fun, mixed in with good business sense, means that we will continue to have the type of energy that will ensure our customers will really enjoy their total movie going experience."
The Empire Theatres included in the Landmark Cinemas acquisition are: (Ontario) Empire Bolton, Empire Square One Mississauga, Empire Jackson Square Hamilton, Empire Kingston, Empire Kitchener, Empire Waterloo, Empire London, Empire Orleans, Empire Pen Centre St. Catherines. (Alberta) Empire Country Hills Calgary, Empire Shawnessy Calgary, Empire City Centre Edmonton, Empire Spruce Grove, Empire Clareview.
(B.C.) Empire Esplanade Vancouver, Empire Guildford Surrey, Empire University Heights Victoria (Manitoba) Empire Brandon, Empire Winkler, Empire Grant Park Winnipeg.
The purchase price for the Landmark Cinemas of Canada transaction is approximately $55 million subject to certain adjustments to be made at closing. Upon closing, the assets will be held by a new entity with Empire Theatres providing bridge equity and having the controlling interest. Landmark will manage the business and have a right to buy out Empire Theatre's equity interest until December 31, 2013, following which Empire Theatres can agree to sell its equity interest in the entity and require Landmark to sell on the same terms.
Closing of the transactions is subject to satisfaction of customary conditions and relevant regulatory approvals, which includes approval from the Competition Bureau.
ABOUT LANDMARK CINEMAS OF CANADA INC.
Landmark Cinemas of Canada Inc., is a leading motion picture theatre exhibition company in Canada, owning and currently operating 31 theatres with 125 screens, including the new extra large screen brand, the 'Xtreme' theatre, which features the first installation in Canada of Barco's Auro 11.1 3D immersive sound. Landmark Cinemas provides state of the art digital movie going experiences, including the best box office hits and alternative content.
Located throughout Western Canada and the Yukon Territory, we are proud of our ability to be engaged in our communities at the local level.
Landmark Cinemas of Canada corporate headquarters are located in Calgary, Alberta. With approximately 600 employees, Landmark Cinemas is proud to provide excellent employment opportunities in an exciting and energetic industry.
For further information, please contact:
COO / Partner
Landmark Cinemas of Canada
(403) 262-4255 x 222
National Director Marketing & Communications
Landmark Cinemas of Canada
(403) 262-4255 x 228
Landmark Cinemas of Canada Inc. 14505 Bannister Road SE, Suite 100, Calgary, Alberta T2X 3J3
LANDMARK CINEMAS OF CANADA ANNOUNCES ACQUISITION OF TWENTY EMPIRE THEATRES