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|Home: BigScreen Journal - Digital Cinema Destinations Corp. (Digiplex) Acquires Seven UltraStar Locations in CA, AZ|
Digital Cinema Destinations Corp. (Digiplex) announced today that it will acquire seven movie theaters from UltraStar Cinemas. Six are in southern California and the seventh is near Phoenix, Arizona. The deal should be finalized on December 14, 2012.
The press release includes quotes from each party in the transaction:
Alan Grossberg, CEO of UltraStar, stated, “We are very pleased about reaching this mutually beneficial acquisition agreement with Digiplex. They are very well-respected pioneers of digital cinema and have developed an intriguing and ambitious growth strategy. As stakeholders, we look forward to sharing in the rewards of their future success.”
Digiplex Chairman and CEO Bud Mayo stated, “The accretive purchase of UltraStar’s seven West Coast-based theaters is a logical next step for Digiplex as we continue to successfully execute our strategy of opportunistically expanding the Company’s footprint across the U.S. in leading DMAs. This marks our third acquisition of the year and significantly expands and diversifies Digiplex’s revenue and operating base while delivering incremental value to all stakeholders.”
Digiplex acquired the Pennsylvania-based Cinema Centers chain in April 2012. It completed the sale of a theater in Lisbon, Connecticut in October. That brought their location count up to nine, so this acquisition will raise that number to 16. It will take UltraStar down to just seven locations, all in California.
The following locations are affected by this sale:
If you have gift certificates for any of the affected locations, don't wait very long to use them! Some companies will honor them after an acquisition, while others will not. For more information, visit the Contact Information page for ways to contact the theaters directly (just click on the theater's name in the list, and then find the "Contact Information" link in the sidebar).
Source: Digital Cinema Destinations Corp. Press Release
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