Ymagis completes acquisition of Spain's Proyecson
Ymagis has acquired Proyecson SA, a leading Spanish cinema integrator specializing in the installation and maintenance of cinema equipment. Both companies disclosed the signing of a letter of intent at June’s CineEurope convention.
Under the terms of the agreement, Ymagis now owns a 51% stake in Proyecson. Standing shareholder Francisco Lafuente Serra was appointed general manager of exhibitor services in Spain and Portugal and retains the remaining 49% of shares.He reports to Till Cussmann, Ymagis’ VP of exhibitor services.
“We are thrilled to conclude this transaction, which is at the core of our business development strategy for cinema exhibitors in Spain,” said Jean Mizrahi, president and CEO of Ymagis Group.
For Lafuente Serra, “This partnership with a group like Ymagis is a new milestone in Proyecson’s growth strategy and will allow us to offer cinema owners in the Iberian market a comprehensive portfolio of products and services.”
With this integration, Ymagis Group now offers the same services in Spain as in the rest of Europe, benefiting from both large group synergies and local proximity to its customers.
Proyecson has completed hundreds of digital-cinema installations across Spain and Portugal, as well as provided auxiliary equipment. Among its latest contributions is a silencer box for boothless cinemas and automation systems.
In 2014, Proyecson recorded revenues of 8.3 million euros. Based in Valencia, the company maintains offices and sales agents across in Madrid, Barcelona, Bilbao and Seville. Its 35 employees now join the Ymagis team.