Robert Redford’s 8-year-old Sundance Cinemas chain has put itself up for sale.
CEO Paul Richardson announced Wednesday that Salem Partners LLC, a Los Angeles-based investment bank, has been retained to sell the company.
Sundance Cinemas said it posted its fifth consecutive year of revenue and cash flow growth in 2014. The chain offers reserved seating for all shows, bistro fare, and cocktails, beer and wine at locations in San Francisco, West Hollywood, Houston, Seattle and Madison, Wis.
The chain is owned by Redford’s Sundance Group. The first location was opened in 2007 at the Hilldale Shopping Center in Madison.
The West Hollywood site had formerly been operated by the Laemmle chain, which closed the location in 2011. Sundance Cinemas took over the lease in 2012 and extensively remodeled the facility.
“From the very beginning, Sundance Cinemas has been about raising the bar in the exhibition business,” Richardson said. “We use local architects to design beautiful spaces, program a thoughtful mix of quality firstrun movies, offer food designed to be eaten in the dark with the beverage of your choice while enjoying the comfort of a rocking chair seat and watching a great movie. 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.”
