Milwaukee-based Marcus Theatres has agreed to buy a Midwest cinema operator that will boost its number of screens by nearly one-third.
Marcus is buying Wehrenberg Theatres, which operates 14 cinemas with 197 screens in Missouri, Iowa, Illinois and Minnesota, the company announced Monday. Wehrenberg owns the Rochester 14 + IMAX in Rochester, Minn.
That transaction will increase Marcus Theatres' number of screens by 29 percent, with the company operating 885 screens at 68 locations in eight states. Marcus owns Minnesota theaters in Duluth, Elk River, Hastings, Hermantown, Oakdale, Waite Park, Rosemount, Moorhead and Shakopee.
Wehrenberg is based in St. Louis, and nine of its cinemas are in the St. Louis area. Marcus Theatres currently doesn't operate in Missouri.
The acquisition is to be completed in December. Financial terms of the transaction were not disclosed.
"Acquisitions are an important component of our growth strategy, and we are pleased to add the Wehrenberg Theatres locations to our circuit. The acquisition demonstrates our continued confidence in our theater business," said Gregory Marcus, president and chief executive of Marcus Corp., which operates Marcus Theatres and Marcus Hotels and Resorts
"We anticipate a smooth integration of Wehrenberg Theatres into our circuit and expect the acquisition will be accretive to both earnings and cash flow," Marcus said, in a statement.
The Wehrenberg name will be retained on the cinemas, said Rolando B. Rodriguez, president and chief executive of Marcus Theatres.
