Robert Redford's Sundance Cinemas Looking for Buyer
Salem Partners has been retained to find a new owner for the five-theater chain devoted to specialty fare.
Robert Redford’s Sundance Cinemas circuit is looking to find a buyer.
Paul Richardson, CEO of the five-theater chain that operates 37 screens devoted to specialized fare in four cities, announced Wednesday that the company has retained Los Angeles-based investment bank Salem Partners to find a new owner.
The chain, formed in 2005 as part of Redford’s Sundance Group, opened its first cinema in Madison, Wis., in 2007. That same year, it took over the Kabuki Theater in San Francisco and opened a third location in Houston. The Sundance Sunset Cinema, moving into a Los Angeles theater space at Sunset and Crescent Heights boulevards that previously had been operated by Laemmle Theatres, opened in 2012. And a fifth location opened in Seattle in 2013.
The circuit said that in 2014, it saw its fifth consecutive year of revenue and cash-flow growth.
“From the very beginning, Sundance Cinemas has been about raising the bar in the exhibition business,” said Richardson. “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.”