Digital Cinema Destinations (Digiplex) is acquiring the South Pike Cinema 10, Sarver, Pennsylvania, from Cheswick Theaters Inc.
Additional terms of the all-cash purchase, which should be completed during the first quarter of 2014, were not disclosed. Once the transaction closes Digiplex will begin collecting virtual print fees. The cinema is currently completing its digital conversion with Christie projection systems. Digiplex also plans to convert three or more of the screens to 3D-compatibility with the assistance of technology partner RealD.
Digiplex chairman and CEO Bud Mayo said, "We are very pleased to further expand Digiplex's footprint into the suburban Sarver region, entering the Pittsburgh DMA for the first time. Pittsburgh is the nation's 23rd largest designated market area and we have already achieved noteworthy success throughout the state. This marks our seventh PA-based location, including the five acquired from Cinema Centers in 2012 and our pending acquisition in the Harrisburg DMA, which we expect to complete prior to calendar year-end. In addition to the Sarver and Mechanicsburg entertainment centers we have three other pending additions to Digiplex's growing circuit. When all announced transactions are closed we will be up to a footprint of 24 theaters. The Company continues to devote a significant portion of senior management time to M&A opportunities and we are currently in discussions with a large pipeline of attractive potential targets."
Nick Mulone, president of Cheswick Theaters said, "Digiplex and its management are respected industry innovators and we are confident they will further enhance the entertainment offerings at the Sarver location. Under Digiplex's ownership, guests will now see expanded alternative programming offerings as well as a continuation of Hollywood's finest cinematic fare."
Digital Cinema Destinations www.digiplexdest.com