Vue International (“Vue”) one of the top five cinema groups in the world by box office revenue, announced the acquisition of JT Bioscopen (“JT”), the second largest cinema chain in the Netherlands, for a total cash consideration of €85m (Euros).
The acquisition is Vue’s fourth international transaction in three years and brings its total number of sites to over 200. Entering the Netherlands through this high quality acquisition is in step with Vue’s investment model that the company has successfully adopted across Europe.
JT has 21 cinemas and 111 screens across 20 towns and cities. Notably, the company opened 7 new sites in the last 4 years which are amongst the most modern cinemas in the world. These new sites include the state-of-the-art multiplexes in Hilversum, Hoorn and Eindhoven – which features the first Dolby Cinema laser projection technology system in Europe. Under Vue’s ownership JT will continue with their extensive new site development plans, fitting well with Vue’s strategy of bringing the best in big screen entertainment to an ever increasing audience.
The Netherlands is a growing market for cinema with the number of admissions increasing by over a third in the last ten years driven by a combination of a rise in the number of screens and the increasing success of local film productions that now regularly account for over 20% of admissions and box office. It is also an exciting time for the industry generally with a strong release schedule to look forward to over the coming years.
“International expansion is an important element of our growth strategy and we are delighted to have acquired JT, enabling us to enter the buoyant Netherlands cinema market. This acquisition signals our commitment to owning, managing and developing the highest quality cinema assets around the world. Our ambition is to be the best in big screen entertainment and to be at the forefront of technological development. I am excited about the growth plans for JT and looking forward to working with JT’s Managing Director Ron Sterk and his team.”
“For JT this is a very important step in its strategic development and Vue is the best possible partner to help materialize our ambitions for growth, innovation and focus on the customer experience overall.”
Vue’s most recent acquisition prior to JT was of Italy’s largest cinema chain, Space Entertainment S.p.A., in November 2014. In the two years before this Vue acquired Apollo in the UK in May 2012, CinemaxX in Germany and Denmark in August 2012 and Multikino in Poland and the Baltics in September 2013.
Vue has grown both organically and through a series of acquisitions across Europe. The JT acquisition will mean the company now spans ten countries with 209 sites and 1,859 screens.
The acquisition has been carried out by a newly incorporated Dutch limited liability company owned by a subsidiary of Vue which is a holding company of Vougeot Bidco p.l.c (Bidco).