Vista Group International has reached an agreement with its long-term Latin American business partner Senda Dirección Tecnológica to take a controlling 60 percent share in the company, which will be renamed Vista Latin America, become of full member of the Vista Group and continue to be run by its founders and managers, Armando Mejias and Gustavo Ortega.
Senda has been the reseller for Vista Group companies since 2003, representingVES and Movio in Mexico, Central and South America including Brazil, the fifth largest cinema market in the world. As the reseller in Latin America, Senda has been the key conduit to three of the world’s largest cinema circuits: Cinepolis, Cinemex and Cinemark, which between them run 8,500 screens in the region and 13,500 screens worldwide. These three customers are significant to the revenue of both VES and Movio.
Announcing the agreement, Vista Group CEO Murray Holdaway praised the trusted, fruitful relationship that Vista Group has with Senda and said the acquisition of a majority stake was a logical step for both Vista and Senda.
“I’m absolutely delighted that our hugely valuable business partners and long-time colleagues Armando Meijas and Gustavo Ortega have agreed that Senda should join the Vista family. Creating Vista Latin America with Senda opens up tremendous opportunities not only in South America, but also in the USA,” says Holdaway.
VES CEO Kimbal Riley says the acquisition of Senda and formation of Vista Latin America will enable Vista to consolidate revenues and profits and build closer relationships with three of the world’s largest cinema exhibition markets. “With Senda recently taking over responsibility for Brazil on behalf of Vista, our ability to continue our expansion into one of the world’s largest cinema markets will be accelerated,” says Riley.
Movio CEO Will Palmer says, "Central and Latin America are high growth territories for Movio. We have secured Cinepolis and Cinemark in the region, and bringing the incredible Senda team into Vista Group will strengthen our ability to support further expansion."
”Senda is proud to become part of this important group and we are sure it will result in synergies that will consolidate Vista Group’s presence in Latin America and generate important new value for our customers,” says Mejias.
“Since the beginning of our business relationship in 2003, both companies have shared the same values and vision on business; I think this new relationship will provide great results for Vista Group, Senda and our customers as well as additional opportunities within our region,” says Ortega.
Vista Group International http://www.vistagroup.co