Marcus Theatres, a division of The Marcus Corporation, announced it has signed an agreement to acquire the assets of Wehrenberg Theatres®, based in St. Louis, Missouri. Terms of the transaction were not disclosed.
Wehrenberg Theatres is the oldest family-owned and operated theatre circuit in the United States, with 197 screens at 14 locations in Missouri, Iowa, Illinois and Minnesota. Upon completion of the transaction, Marcus Theatres will increase its number of screens by 29%, operating 885 screens at 68 locations in eight states.
The transaction is targeted to be completed in December 2016, subject to customary closing conditions, consents and approvals.
“Acquisitions are an important component of our growth strategy and we are pleased to add the Wehrenberg Theatres locations to our circuit. The acquisition demonstrates our continued confidence in our theatre business. It will expand our presence in Iowa, Illinois and Minnesota and extends our footprint into Missouri,” said Gregory S. Marcus, president and chief executive officer of The Marcus Corporation. “We anticipate a smooth integration of Wehrenberg Theatres into our circuit and expect the acquisition will be accretive to both earnings and cash flow.” CLICK TO READ REST OF STORY
Source: Business Wire
Category: Member News