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Friday, Jun 9, 2023

Sundance Cinema Seeks Buyer

Upscale theater chain Sundance Cinemas, founded by movie legend Robert Redford eight years ago, is putting itself up for sale. Chief Executive Paul Richardson announced Wednesday that the Westlake Village chain has retained West Los Angeles investment bank Salem Partners to help find a buyer. Sundance is currently majority owned by a fund affiliated with downtown L.A. private equity giant Oaktree Capital Management, which is in the divestment period of its business cycle. The theater chain has had five consecutive years of revenue and cash flow growth, according to a Sundance statement. “From the very beginning, Sundance Cinemas has been about raising the bar in the exhibition business,” Richardson said in a press release announcing the move. “We look forward to working with Salem Partners to identify the right owner or owners of the business who can continue to capitalize on our prominent positions in each market.” Sundance currently operates five cinemas, with one each in West Hollywood, San Francisco, Houston, Seattle and Madison, Wis.

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