South Texas chain Santikos Theaters announced a definitive purchase agreement to acquire AmStar Cinemas and The Grand Theatres from VSS-Southern Theatres, LLC.
The acquisition increases the footprint of Santikos from 121 screens at 10 locations to 377 screens in 27 locations, making Santikos the 8th largest theater circuit in North America. Santikos will now have locations in Texas, Louisiana, Mississippi, Alabama, Georgia, Florida, South Carolina, and North Carolina.
Tim Handren, the chief executive officer of Santikos, said, “We are thrilled to welcome our new team members and serve our new guests. Together we will continually evolve to create the best in-theater experience across the Southeast. We have been working on expansion plans since 2018. After clearing the COVID hurdle, we are now in a great position for future growth and expansion,” stated Handren. “Our partnership with The Bank of San Antonio has helped us emerge from the COVID era financially strong and ready to expand. We believe the future of our industry is bright, and we are thrilled with the incredible movies the studios are producing. Movies are still the best entertainment value where families get to have amazing experiences and create lasting memories together.”
Jim Wood, the chief executive officer of VSS-Southern Theatres, commented on the transaction, “It is an exciting time for our Grand and AmStar colleagues and guests as they become part of the Santikos family and continue to elevate the guest experience throughout the Southeast.”
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