MJR movie chain sold to Belgian company
A movie theater chain based in Bloomfield Hills is in the process of being sold to a Belgian company.
MJR Digital Cinemas, which has 10 theaters in Metro Detroit, is being sold to Kinepolis Group for $152 million, Kinepolis announced Tuesday.
The Belgian firm said it will retain MJR’s name and management.
Kinepolis operates 53 theaters in Europe and, after buying a Canadian theater chain in 2017, 44 theaters in Canada. These are the first theaters it will own in the U.S.
“I’m very proud we have the opportunity to expand our investment in Canada to the U.S.,” said Eddy Duquenne, Kinepolis chief executive.
He said he expects the acquisition to be completed by the end of October.
Mike Mihalich, the MJR chief executive who founded the chain in 1980, said he was proud that he had built the company from the ground up.
He also was heartened that Kinepolis would keep his management in staff. MJR employs 815 people.
“I am comforted such a high-quality operator with shared values will steward MJR into the future,” he said.