Milwaukee-based The Marcus Corp. announced today it has agreed to acquire the assets of St. Louis-based Wehrenberg Theatres.
[caption id="attachment_153750" align="alignright" width="383"] The marcus Majestic Cinema in Brookfield.[/caption]
Terms of the transaction were not disclosed. Wehrenberg has 14 theaters with 197 screens, which will be integrated into The Marcus Corp.’s Marcus Theatres division. The Wehrenberg theaters are located in Illinois, Minnesota, Missouri and Iowa.
Marcus will also acquire Ronnie’s Plaza, an 84,000-square-foot retail center in St. Louis, and the land containing six of the theaters.
Wehrenberg Theatres is one of the longest-running family-owned and –operated theater chains in the country. It was inherited by Ronald Krueger in 1963 and run by Krueger and his wife, Midge, for many years. The couple was generous with St. Louis charities and active in the community.
“We are pleased Marcus Theatres will carry on the dedication to our customers and communities that has been a hallmark of Wehrenberg Theatres since 1906,” said William Menke, president of Wehrenberg. “Our two companies share the same philosophy – providing customers with the best entertainment experience possible. We were fortunate to find another family-led circuit which also understands the extra commitment it takes to serve our neighborhoods.”
Marcus Theatres is currently the fifth-largest theater chain in the country, with 54 locations containing 688 screens in Wisconsin, Illinois, Iowa, Minnesota, Nebraska, North Dakota and Ohio. The Marcus Corp. also operates hotels and resorts across the Midwest and Safe House Milwaukee restaurant, which it is expanding to Chicago.
With the acquisition, Marcus Theatres would grow to 68 theaters with 885 screens in eight states. Marcus plans to complete the Wehrenberg acquisition in December, pending regulatory approvals and closing conditions.
“Acquisitions are an important component of our growth strategy and we are pleased to add the Wehrenberg Theatres locations to our circuit,” said Gregory Marcus, president and chief executive officer of The Marcus Corp. “The acquisition demonstrates our continued confidence in our theater business. It will expand our presence in Iowa, Illinois and Minnesota and extends our footprint into Missouri. We anticipate a smooth integration of Wehrenberg Theatres into our circuit and expect the acquisition will be accretive to both earnings and cash flow.”