Kinepolis Group Completes Landmark Cinemas Acquisition

Bookmark and Share

Mon, 12/11/2017 - 11:56 -- Nick Dager

Belgium based Kinepolis Group has completed its acquisition of Landmark Cinemas in Canada. In mid-September, Kinepolis reached an agreement with the shareholders of Landmark Cinemas to acquire the company subject to Canadian regulatory approvals. The approval by the Minister of Canadian Heritage, The Honorable Mélanie Joly, on December 7, allowed Kinepolis to successfully complete the acquisition.

Landmark Cinemas operates 44 movie theatres of various sizes, all located in Central and Western Canada, and has its head office in Calgary, Alberta. Operating 44 locations, 303 screens and 55,000 seats, Landmark is Canada's second largest cinema operator, with a ten percent market share.

The acquisition fits in with the expansion strategy pursued by Kinepolis and enables the Group to enter a new market, which is characterized by healthy macroeconomic prospects, a growing population and a favorable business climate. Entering a new continent creates geographic diversification of Kinepolis' business activities and provides new growth opportunities through acquisitions and new-build projects. The agreement with Landmark Cinemas already includes two new-build recliner projects in St. Albert and Fort McMurray, Alberta. It also includes plans for more new-build movie theatres.

Kinepolis will manage the Canadian company, which employs 1,450 people, through a local executive management board made up of the current Landmark Cinemas management and supported by an integration team that will adapt the Kinepolis' strategy for the Canadian market.

With the completion of the acquisition, Neil Campbell, presently CEO Landmark Cinemas will transition to the role of vice chairman, and Bill Walker, presently the company's COO will assume the position of CEO, Landmark Cinemas.