City Screen Sold to Cineworld

City Screen, a UK-based art-house cinema operator has been sold to Cineworld in a deal valuing the company at 47.3 million pounds ($75.9 million). Independent investment banking firm Livingstone’s consumer sector team advised the City Screen management team and private equity investors Arts Alliance and Albion Ventures on the sale.

PRESS RELEASE

Livingstone, the leading independent, international investment banking firm, is pleased to announce the sale of City Screen, the UK’s leading art-house cinema operator with 20 sites in its group (58 screens), to Cineworld in a deal valuing the company at £47.3m. Livingstone’s Consumer sector team advised the City Screen management team and private equity investors Arts Alliance and Albion Ventures on the sale.
Through the acquisition, Cineworld is enhancing its position in the high value, high growth segment of the UK cinema market, while adding a complementary portfolio of sites to its existing footprint, from both a geographic and strategic perspective. City Screen’s respected management will also add art- house expertise to Cineworld’s senior team.
Commenting on the acquisition, Stephen Wiener, CEO of Cineworld, said, “We are delighted to be welcoming City Screen to the Cineworld group. City Screen operates in an attractive segment of the UK market and has a distinctive offering centered on individuality of cinemas, art-house and foreign- language programming, and a cafe-bar retail offering. We look forward to supporting City Screen through the next phase of its development.”
City Screen is led by CEO Lyn Goleby and her highly experienced team, who will continue to lead the development of the City Screen business under Cineworld’s stewardship.
“The opportunity to be part of the Cineworld stable of cinema formats is great news for City Screen and our customers,” Lyn Goleby added. “We look forward to working with Camera to develop further into new sites and jointly improve our respective offerings. We share with Camera a love of film and a commitment to the customer experience.”
The deal will unlock more than 10 new growth opportunities for London and regional art-house cinemas under the City Screen brand and is forecast by Cineworld to be earnings enhancing in 2013.
Christopher Jones, Director at Livingstone London who led the transaction concluded, “This is a fantastic result for Lyn, her team and investors Arts Alliance and Albion. Cineworld is the natural home for City Screen and being part of the larger group will enable it to capitalize on its exciting growth opportunities. We are delighted to have worked with Lyn and her team over the last four years preparing for this next stage in City Screen’s development. This is Livingstone’s second deal in this sector following our involvement in the sale of Screen Cinemas to Everyman Media Group.”
Through the acquisition, Cineworld is enhancing its position in the high value, high growth segment of the UK cinema market, while adding a complementary portfolio of sites to its existing footprint, from both a geographic and strategic perspective. City Screen’s respected management will also add art- house expertise to Cineworld’s senior team.
Commenting on the acquisition, Stephen Wiener, CEO of Cineworld, said, “We are delighted to be welcoming City Screen to the Cineworld group. City Screen operates in an attractive segment of the UK market and has a distinctive offering centered on individuality of cinemas, art-house and foreign- language programming, and a cafe-bar retail offering. We look forward to supporting City Screen through the next phase of its development.”
City Screen is led by CEO Lyn Goleby and her highly experienced team, who will continue to lead the development of the City Screen business under Cineworld’s stewardship.
“The opportunity to be part of the Cineworld stable of cinema formats is great news for City Screen and our customers,” Lyn Goleby added. “We look forward to working with Camera to develop further into new sites and jointly improve our respective offerings. We share with Camera a love of film and a commitment to the customer experience.”
The deal will unlock more than 10 new growth opportunities for London and regional art-house cinemas under the City Screen brand and is forecast by Cineworld to be earnings enhancing in 2013.
Christopher Jones, Director at Livingstone London who led the transaction concluded, “This is a fantastic result for Lyn, her team and investors Arts Alliance and Albion. Cineworld is the natural home for City Screen and being part of the larger group will enable it to capitalize on its exciting growth opportunities. We are delighted to have worked with Lyn and her team over the last four years preparing for this next stage in City Screen’s development. This is Livingstone’s second deal in this sector following our involvement in the sale of Screen Cinemas to Everyman Media Group.”

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