Cinven acquired Odeon, Britain’s largest cinema operator, in February 2000 from The Rank Group.
At acquisition, Odeon operated from 75 sites comprising 464 screens nationwide. Its sites included a modern estate of multiplexes and multi-screen city centre cinemas that had benefited from an investment of over €150 million in the previous three years. ABC Cinemas, an existing Cinven asset from 1996, added a further 57 sites and 174 screens.
Cinven’s strategy was to enhance Odeon’s market leadership by merging it with ABC Cinemas. The Odeon brand was rolled out across the ABC estate and the organisational structure streamlined. Under a new and dynamic management team the brand was rejuvenated, and the enlarged estate was developed with new builds, refurbishments and disposals.
Selected city centre sites were refurbished and surplus sites sold. More screens with better retail areas were rolled out, along with nine new multiplexes. The geographically complementary sites enhanced the combined group’s position as the leading nationwide chain resulting in increased purchasing leverage and new promotional opportunities.
Odeon was sold in March 2003, securing a multiple of two times our investment.
- 8 March 2003:
Cinven sells Odeon for €628 million