EDC provides $11 million to Mexico's Cinepolis
Export Development Canada (EDC) announced US$11 million in financing for Mexico’s Cinépolis Group, the fourth-largest movie theatre operator in the world and the largest in Latin America.
The financing, which is being provided as part of a larger facility loan for Cinépolis, will serve to strengthen the business relationship between Cinépolis and Canada’s IMAX Corp. IMAX currently has 14 specialized theatres located in Cinépolis multiplexes, 13 in Latin America and one in India. Plans are in place between the two companies for 11 new theatres to be built by 2015 in various locations around the world, and discussions have already begun regarding additional theatres in the future.
"We've been more aggressive recently in the Latin American market, with triple the amount of signings in 2013 from 2012," said IMAX CEO Richard L. Gelfond. "We're pleased to see our efforts coming to fruition in our relationship with Cinépolis and we expect the region to provide further growth for us as the appetite for the IMAX Experience increases among developers, exhibitors and consumers."
In the last five years, Cinépolis has averaged a sales growth of over 20 percent per year. “One of our success factors has been our focus on innovation, and IMAX is an integral part of how we’re delivering on this front,” said Alejandro Ramirez, CEO of Cinépolis Worldwide. “IMAX gives us a competitive advantage that drives stronger performance at our multiplexes and we look forward to bringing the world’s most immersive cinematic experience to more theatres across our network.”