EVO Entertainment Group has acquired ShowBiz Cinemas in an all-cash deal, it was announced Monday (Jan. 3).
The acquisition is the first major transaction to arise under the partnership between EVO and Marbella Interests, the family office of Formentera Partners founder and former Parsley Energy founder and CEO Bryan Sheffield.
The combined operation is comprised of 16 venues boasting 148 screens, 108 bowling lanes, nine full-service restaurants and bars, a 3,000-capacity live music space and over 30,000 square feet of gaming and attractions across Texas, Florida, Oklahoma and Wyoming. EVO will continue expanding in 2022 with additional locations currently under construction.
“Today is a monumental moment for our company and our industry,” said Mitch Roberts, founder and CEO of EVO Entertainment Group. “This transaction establishes EVO as the country’s largest operator of cinema-entertainment centers and paves the way for accelerated progress and innovation within a new era of cinema.”
ShowBiz Cinemas CEO and Founder Kevin Mitchell added, “It is a wonderful time to entrust the company I started to a fourth-generation motion picture exhibitor and family member, because Showbiz Cinemas just had an all-time record-breaking holiday season! I am confident that Mitch’s leadership and Marbella’s capital strength will ensure a long and successful run for Showbiz, and I now look forward to exploring new ventures both in and out of the entertainment industry.”