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
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.