Evo Entertainment Group has acquired 100 percent of the stock of Showbiz Cinemas in an all-cash deal. The companies did not disclose the full details of the acquisition.
"Today is a monumental moment for our company and our industry,” said Mitch Roberts, founder and CEO of Evo Entertainment Group and 2022 Forbes 30 Under 30 honoree. “This transaction establishes Evo as the country’s largest operator of cinema-entertainment centers and paves the way for accelerated progress and innovation within a new era of cinema.”
Roberts and Kevin Mitchell, CEO and founder of Showbiz Cinemas, represent multiple generations in the cinema business. Their pioneering of cinema entertainment centers has been a genuine success.
Said Mitchell, "It is a wonderful time to entrust the company I started to a fourth-generation motion picture exhibitor and family member, because Showbiz Cinemas just had an all-time record-breaking holiday season! I am confident that Mitch’s leadership and Marbella’s capital strength will ensure a long and successful run for Showbiz, and I now look forward to exploring new ventures both in and out of the entertainment industry."
The combined enterprise will provide dynamic and multi-faceted entertainment experiences to over eight million patrons annually in 16 venues with 148 screens, 108 bowling lanes, nine full-service restaurants & bars, a 3,000-capacity live music venue, and more than 30,000 combined square feet of gaming and attractions across four states, including Texas, Florida, Oklahoma and Wyoming. Evo’s expansion will continue into 2022 with additional venues currently under construction and expected to open in the coming months.
The acquisition marks the first major move in the partnership between Evo and Marbella Interests, the Austin, Texas-based family office of Formentera Partners founder and former Parsley Energy founder and CEO, Bryan Sheffield.