The exhibition industry continues to consolidate: Los Angeles-based Sundance Cinemas — part of Robert Redford’s Sundance Group — says today that it hired investment bank Salem Partners to find a buyer for its five theaters with 37 screens in San Francisco, West Hollywood, Houston, Seattle, and Madison.
Since its founding in 2006 “Sundance Cinemas has been about raising the bar in the exhibition business,” CEO Paul Richardson says. “We use local architects to design beautiful spaces, program a thoughtful mix of quality first-run movies, offer food designed to be eaten in the dark with the beverage of your choice while enjoying the comfort of a rocking chair seat and watching a great movie. We look forward to working with Salem Partners to identify the right owner or owners of the business who can continue to capitalize on our prominent positions in each market.”
The privately owned company says that revenues and cash flow grew for each of the last five years.
Sundance’s sale announcement comes as many chains look to sell before they have to significantly boost their spending on plush seating, large screen venues, and new technologies including laser projectors. Carmike’s looking for a buyer. In January Regal ended its effort to sell itself.