Pathé acquires CineCity
| Seller: | CineCity |
| Advisory sell side: | Livingstone | M&A Advisory CORP. advocaten | Legal Advisory |
| Buyer: | Pathé |
| Advisory buy side: | Lexence | Legal Advisory Corporate M&A PWC | Financial Advisory |
| Date announced: | 2024-09-30 |
Pathé, one of the leading cinema chains in the Netherlands, has today announced its acquisition of CineCity, the largest cinema company in Zeeland. With locations in Vlissingen and Terneuzen, this marks Pathé’s first venture into the province of Zeeland, further expanding its national presence.
The Vlissingen location, which attracts approximately 250,000 visitors annually.This cinema also plays a central role in the prestigious Film by the Sea festival, which draws 45,000 guests and attendees from both the Netherlands and abroad each year. In addition to the cinema, the venue houses a concert hall and a library, further establishing its place as a key cultural hub in the region. The Terneuzen location offers a more intimate experience,attracting around 30,000 visitors annually.
The acquisition includes the retention of all current employees, with Pathé taking over the contracts and employment conditions for CineCity’s 100 staff members.
Jacques Hoendervangers, CEO of Pathé, expressed his enthusiasm for the acquisition: “We are proud to expand into the beautiful province of Zeeland. We have long admired CineCity and are delighted to welcome it into the Pathé portfolio. CineCity plays an important cultural role in the region, which aligns perfectly with Pathé’s values. For the time being, we will continue to operate under the CineCity name and will carry on the great work the CineCity team has done: offering the best cinema experience and a diverse range of films.”
Ad Weststrate, founder and owner of CineCity, also shared his thoughts on the transition: “I am pleased that CineCity is being acquired by Pathé, the market leader in the Netherlands. It is a special moment to hand over the company I have built with such passion and dedication. I have full confidence that Pathé will not only maintain the quality and service of CineCity but also enhance it.”
With this acquisition, Pathé reinforces its commitment to delivering exceptional cinema experiences across the Netherlands, now including the culturally vibrant province of Zeeland.