TORONTO, ONTARIO--(Marketwired - Jan. 9, 2013) - Cineplex Entertainment (TSX:CGX) today announced it recently completed the acquisition of a 50 per cent stake in YoYo's Yogurt Cafe (YYC Franchise Corporation and YYC Wholesale Corporation), a London, Ontario-based self-serve frozen yogurt chain with stores throughout the province.
Cineplex recently opened YoYo's Yogurt Cafe stores at Cineplex Cinemas Queensway and VIP in Toronto, Ontario and the Pergola Commons development in Guelph, Ontario. The company will open new YoYo's Yogurt Cafe franchises in a number of new and existing theatres and standalone locations in the future.
"YoYo's Yogurt Cafe offers the ultimate in premium, non-fat frozen yogurt with a wide selection of fresh toppings," said Pat Marshall, Vice President, Communications and Investor Relations, Cineplex Entertainment. "This acquisition is a perfect complement to our popular proprietary food service brands, Outtakes Backstage Bistro and Poptopia, and is part of our strategy to expand our in-theatre food service offerings, while also extending our in-house brands outside our theatres."
The purchase price for the 50 per cent stake in YoYo's Yogurt Cafe was not material to Cineplex. Cineplex retains the right to purchase the remaining shares in both companies. The transaction closed January 1, 2014.
About YoYo's Yogurt Cafe
YoYo's Yogurt Cafe was established in 2010 in London, Ontario. A Canadian-owned and operated company and the first of its kind in all of Canada, YoYo's Yogurt Cafe has set the standard in self-serve frozen yogurt. Delivering a premium product that tastes great has been a key focus and part of the success of our growing brand. Our yogurts are fresh, meaning a fresh liquid-based yogurt that is full of health benefits and probiotic cultures, all based on proprietary recipes. Our research and development team is dedicated to continuous research and testing, making the creation of new products and options an endless experience, while our customers enjoy the same quality, taste and texture at every location.
About Cineplex
Cineplex Inc. ("Cineplex") is one of Canada's leading entertainment companies and operates one of the most modern and fully digitized motion picture theatre circuits in the world. A top-tier Canadian brand, Cineplex operates numerous businesses including theatrical exhibition, food services, gaming, alternative programming (Front Row Centre Events), Cineplex Media, Cineplex Digital Solutions, Cineplex Digital Networks, and the online sale of home entertainment content through CineplexStore.com and on apps embedded in various electronic devices. Cineplex is also a joint venture partner in SCENE - Canada's largest entertainment loyalty program.
Cineplex is headquartered in Toronto, Canada, and operates 161 theatres with 1,630 screens from coast to coast, serving approximately 77 million guests annually through the following theatre brands: Cineplex Odeon, SilverCity, Galaxy Cinemas, Scotiabank Theatres, Cineplex Cinemas and Cineplex VIP Cinemas. Cineplex also owns and operates the UltraAVX, Poptopia, and Outtakes brands. Cineplex trades on the Toronto Stock Exchange under the symbol CGX. More information is available at Cineplex.com.