Marcus Theatres Acquires Wehrenberg Theatres in St. Louis-Area
- Nov 23, 2016
Wehrenberg Theatres has 197 screens at 14 locations in Missouri, Iowa, Illinois and Minnesota. Upon completion of the transaction, Marcus Theatres will increase its number of screens by 29 percent, operating 885 screens at 68 locations in eight states.
“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 theatre business. It will expand our presence in Iowa, Illinois and Minnesota and extends our footprint into Missouri,” Gregory Marcus, president & chief executive officer of The Marcus Corporation, said in prepared statements. “We anticipate a smooth integration of Wehrenberg Theatres into our circuit and expect the acquisition will be accretive to both earnings and cash flow.”
The 14 Wehrenberg Theatres locations include nine in the Greater St. Louis area. In conjunction with the acquisition, Marcus Theatres will acquire the underlying real estate for six of the theatre locations, as well as Ronnie’s Plaza, an 84,000-square-foot retail center located at 5320 S. Lindbergh Blvd. in St. Louis.
Marcus Theatres was assisted in the transaction by Peter Solomon Company, while advisors for Wehrenberg Theatres were The Fortune Group. The transaction is targeted for completion in December 2016, subject to customary closing conditions, consents and approvals.
Image courtesy of Marcus Theatre