Belgium-based multinational-exhibitor Kinepolis has reached an agreement to acquire the operations of the U.S. theater chain Emagine Entertainment in a deal that is expected to close by the end of the year.
Kinepolis will continue to operate the acquired Emagine locations under their existing brand name. Emagine is the third North American chain to be acquired by Kinepolis, which acquired Michigan-based MJR Digital Cinemas in 2019 and Landmark Cinemas, Canada’s second-largest movie chain, in 2017. A luxury cinema chain, Emagine Entertainment has grown substantially in recent years. In our most recent Giants of Exhibition listing, which ranks North American cinema chains by screen count, Emagine was the market’s 11th largest movie theater chain (330 screens), up a full ten spots from our 2020 ranking (254 screens).
As a result of this agreement, Kinepolis will add 14 cinemas to its portfolio, representing 177 screens and 18,000 seats, located in Michigan, Illinois, Indiana, and Wisconsin. Emagine Entertainment welcomes approximately 6 million visitors per year, generating nearly $129 million in revenue. The cinemas are equipped with recliner seats and offer their own branded premium large format (PLF) concepts, EMX (14 auditoriums) and Super EMX (3 auditoriums). EMX features wall-to-wall screens with 4K laser projection and Dolby Atmos sound, while Super EMX takes the experience even further with an even larger screen and 64-channel Dolby Atmos sound.
Emagine Entertainment also provides support services to a chain of cinemas in Minnesota and Colorado, as well as Emagine Woodhaven and The Riviera in Michigan. These locations operate under the Emagine brand and are managed by third parties through a brand licensing agreement.
Eddy Duquenne, CEO of Kinepolis Group: “Today’s announcement marks a key milestone in our company’s expansion—the first acquisition of this scale since the pandemic. We do this with a high-quality asset in a market where we have had positive experiences with our Kinepolis concepts. The location and size of the cinemas make them a valuable addition to the Group’s portfolio, enabling us to further expand our presence in the US market. We are excited to welcome the new teams to the Kinepolis family.”
Paul Glantz, Chairman and CEO of Emagine Entertainment: “Kinepolis has a reputation for operating exceptionally well-run cinemas both in Europe and in North America. Their commitment to providing guests with an unforgettable movie experience makes them the ideal suitor to continue the stewardship of Emagine into the future.”
The agreement represents a transaction value of $105 million for 100 percent of Emagine’s business. An additional earn-out amount of up to $15 million is linked to the growth of the U.S. box office during 2025. Based on the 2024 results, Emagine Entertainment will contribute an EBITDAL of $19.6 million. The LTM (Last Twelve Months) EBITDAL result amounted to $20.3 million at the end of September. The transaction will be financed by means of an incremental facility of €100 million (committed term loan) under Kinepolis’ existing credit facility. Kinepolis expects to complete this acquisition by the end of 2025.
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