Actera Group and Esas Holding have agreed the sale of Mars Cinema Group, a cinema operator in Turkey, to CJ CGV for an enterprise value of USD800 million.
Alongside Actera and Esas, the minority shareholders, Muzaffer Yildirim and Menderes Utku, will also sell their shares as part of the transaction. The transaction is subject to standard regulatory approvals and is expected to close in May.
Acquired by Actera in 2010, Mars operates 83 multiplexes with 736 screens under the “Cinemaximum” brand in 32 provinces across Turkey.
Since the acquisition, Mars has significantly grown its network by increasing the number of screens organically and through acquisitions from 218 to 736, established cinema advertising company “Mars Media” and film distribution company “Mars Dagitim” and propelled both businesses to market-leading positions. During the period, the Company achieved eight times revenue growth and eleven times EBITDA growth.
Murat Cavusoglu, Co-Founder and Managing Partner of Actera, says: “Mars is a good example of the favorable growth dynamics of an emerging market being enhanced by initiatives such as an effective buy & build strategy, vertical integration and instilment of best practices. CJ CGV has acquired a great company. On behalf of Actera and our partners in the investment, Esas Holding, Muzaffer Yildirim and Menderes Utku, I wish CJ CGV continued success with Mars.”
Seo Jung, CEO of CJ CGV, adds: “We are very excited to begin our business in Turkey, which we have long viewed as a very attractive market with unlimited growth potential. We are grateful for the opportunity to contribute to the advancement of the Turkish film industry and to the collaborative partnership between Korea and Turkey.”
Actera and Esas were advised by Goldman Sachs and Morgan Stanley and CJ CGV was advised by Citigroup.
