CMX to Acquire Cobb Theatres
Thursday, October 12th, 2017
CMX Cinemas, the wholly owned subsidiary of Cinemex, and Cobb Theatres, a highly respected operator of progressive movie theatre brands primarily located in the southeast, jointly announced a purchase agreement pursuant to which CMX will acquire all of Cobb's 25 existing locations as well as two theatres under development in Florida and Georgia. The purchase represents the on-going strategy of CMX Cinemas to establish a major footprint within the motion picture exhibition industry in the United States. The acquisition will position CMX as the eighth largest movie theatre chain in the United States with 30 currently operating sites and 342 screens.
"This acquisition creates a perfect fit for us due to CMX's and Cobb Theatres' shared vision to provide a top-quality guest experience. In addition, Cobb Theatres' locations and its renowned expertise in the motion picture exhibition industry will complement CMX's theatres in the United States," said Jose Leonardo Marti, Director of Cinemex. "This new venture will bolster CMX's expansion plans in the United States and comes on the heels of our recent announcement of additional locations in Florida and the Midwest through the acquisition of four Paragon Theatres." This transaction is expected to close in the fourth quarter of 2017, subject to regulatory approval and the satisfaction of other customary closing conditions.
"We are pleased to have the great traditions of Cobb Theatres and CinéBistro become a significant part of such an exciting and growing company as CMX," states Robert M. Cobb, President and CEO of Cobb Theatres. "I am certain our theatres and people will contribute to the CMX initiative of building a strong and prosperous circuit in the United States."
CMX will continue to grow organically and through acquisitions in the United States by developing and opening new theatres. Since the successful launch of its first movie theatre at Brickell City Centre in Miami, FL in April 2017, CMX has become a recognized entertainment destination.
Dechert LLP is serving as CMX´s lead legal advisor. Peter J. Solomon Company is serving as exclusive financial advisor to Cobb Theatres and Sirote & Permutt, PC is serving as Cobb Theatres´ legal advisor.