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Canada's Cineplex Entertainment Acquires New Jersey's Tricorp Amusements Inc.

Posted On: 9/21/2016

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TAGS: amusement business, Cineplex Starburst Inc., Cineplex Entertainment, Tricorp Amusements Inc., Chuck Peitz, Ellis Jacob, Brady Starburst, Premier Amusements, Playdium, coin-op, vending

Transaction Positions Cineplex Starburst Inc. as a Leading North American Amusement Service and Gaming Provider

TORONTO -- Cineplex Entertainment announced today that it is acquiring all issued and outstanding shares of Tricorp Amusements Inc. Upon completion of the transaction, which is expected to close in early October, New Jersey-based Tricorp will become part of Cineplex Starburst Inc., a wholly owned and operated subsidiary of Cineplex Entertainment.

With pro forma revenues close to $28 million and adjusted EBITDA of approximately $6 million, the Tricorp acquisition will be financed with cash-on-hand and existing credit facilities. Additional financial terms were not disclosed.

"With Premier Amusements, as well as through strategic mergers and acquisitions like Brady Starburst last year, CSI has become one of the leading distributors and operators of amusement and gaming equipment across North America," said Cineplex Entertainment president and chief executive Ellis Jacob. Tricorp is expected to further scale the Canadian amusement giant's presence in the United States, he added.

Tricorp provides interactive video, redemption and amusement gaming services through revenue-sharing agreements. It has a diversified client portfolio focusing on the theatrical exhibition vertical, as well as such community-based family entertainment destinations as bowling centers, amusement and water parks, indoor mini-golf and laser tag facilities, along with casinos and restaurants. It also specializes in entertainment center design and has more than 35 years of experience in delivering high-quality entertainment programing and attraction selection.

"This transaction with Cineplex is exciting because it will allow for greater scale in our existing business channel and provide even more opportunities for the entire Tricorp team," said Tricorp founder and chief executive Charles T. Peitz.

Headquartered in Toronto, CSI has 16 offices across Canada and the U.S., operating as Cineplex Starburst, Brady Starburst, Premier Amusements and Playdium. CSI's latest acquisition strengthens its U.S. position by adding nearly 100 Tricorp employees covering more than 20 states from five regional distribution centers on the eastern seaboard. Tricorp's corporate offices will remain in New Jersey, and the executive management team will continue to be led by Peitz and company president Joe Ingui.