AMC Entertainment has signed a deal with Kerasotes Showplace Theatres to acquire all of the latter’s assets, which includes 96 theatres and 973 screens in primarily Midwestern metropolitan markets.
Following the consummation of the proposed transaction, Tony (pictured) and Dean Kerasotes will retain and operate their two new ICON concept theatres in Minneapolis and Chicago, and one Showplace theatre in Secaucus.
Kerasotes is currently owned by the Kerasotes family and Providence Equity Partners. More than three-quarters of the Kerasotes theatres feature stadium seating and almost 90% have been built since 1994.
“We expect these theatres will be a strong addition to the AMC theatre circuit, and look forward to successfully completing the transaction with AMC and to beginning our next chapter,” AMC CEO and president Gerry Lopez said.
“Our team has delivered a consistent, high quality experience for customers, and we have appreciated Providence’s partnership over the last six years in helping Kerasotes grow into the sixth largest motion picture exhibition company in North America,” CEO Tony Kerasotes said.
Kerasotes Theatres’ financial advisor was Peter J Solomon Company.