San Antonio-based movie chain Santikos Entertainment has struck a deal to nearly triple its size and expand its footprint to seven states outside of Texas, the San Antonio Business Journal reports.
Under the transaction, Santikos will buy 17 cinemas with a total of 250 screens across Alabama, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina and Texas from VSS-Southern Theaters LLC, a New York-based private equity firm. Four of those theaters are IMAX venues.
At present, Santikos operates 10 San Antonio-area theaters representing 121 screens, according to SABJ.
Officials with Santikos and VSS were unavailable for immediate comment on the report.
Santikos' purchase includes the The Grand Theatre and AmStar Cinemas chains, according to the article. The business publication didn't reveal financial terms of the deal but said those theaters will continue to operate under their existing brands.
The acquisition will make Santikos the eighth-largest North American cinema chain based on screen count, company CEO Tim Handren told SABJ.
“They have a really good operational team. So, this isn't a big turnaround situation,” Handren said. “I think we're going to learn some things from them. They'll learn some things from us.”
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