Ymagis Successfully Completes Acquisition of Spanish Cinema Integrator Proyecson
YMAGIS (ISIN: FR0011471291, TICKER: MAGIS), the European specialist in digital technologies for the motion picture industry, today announces the completion of its acquisition of Proyecson SA, a leading Spanish cinema integrator specializing in the installation and maintenance of cinema equipment. Both organizations disclosed the signing of a letter of intent at last June’s CineEurope convention.
Under the terms of the agreement, YMAGIS owns a 51% stake in Proyecson. Standing shareholder Francisco Lafuente Serra has been appointed General Manager of Exhibitor Services in Spain and Portugal and retains the remaining shares (49%). He reports to Till Cussmann, Vice President Exhibitor Services of YMAGIS Group.
“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 Chief Executive Officer of YMAGIS Group. For Francisco 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.”
Bolstered by this new alliance, YMAGIS Group offers cinema owners an extended range of services based on the experience and expertise of both companies. 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.
For close to sixty years, Proyecson has manufactured cinema projectors and equipment for movie exhibitors. The company has consistently adapted to the latest industry technologies to become a leading integrator in Spain, and has completed hundreds of digital cinema installations across Spain and Portugal, as well as provided auxiliary equipment. It has also developed innovative solutions implemented by third parties internationally. Among its latest contributions to the cinema industry are a silencer box for ‘boothless’ cinemas and automation systems.
In 2014, Proyecson recorded revenues of EUR 8.3 million. Based in Valencia, the company maintains offices and sales agents across Spain (Madrid, Barcelona, Bilbao and Seville). Proyecson’s 35 employees today join the YMAGIS Group team.