https://www.austinchronicle.com/daily/screens/2024-01-29/austin-based-cinema-chain-eeg-begins-national-expansion/

Austin-Based Cinema Chain EEG Begins National Expansion

By Richard Whittaker, January 29, 2024, 4:28pm, Picture in Picture

Elevate Entertainment Group, the Austin-based cinema chain forged from the acquisition of the "smarthouse" Violet Crown Cinemas by the more blockbuster-friendly Evo Entertainment, is on the fast track to national expansion with three cinemas in new markets.

The company announced this morning that it is acquiring three locations from Florida-based Paragon Theaters: Delray Beach, Florida; Cary, North Carolina; and Fredericksburg, Virginia.

The three venues, which will be completely rebranded as Evo Entertainment by May 1, all fit the EEG model of combined cinemas and entertainment complexes/gaming arcades. This brings the national EEG portfolio to 240 screens at 25 locations, and the company said it will be adding more cinemas this year.

In a statement, Mitch Roberts, CEO and founder of EEG, explained that “this strategic acquisition expands our presence and furthers our mission of being at the forefront of experiential entertainment, and we look forward to these communities experiencing EVO for the first time.”

EEG was founded last October when Evo acquired Violet Crown and established it as a discrete sub-brand. Then, when EEG announced they were hiring Steve Zuehlke, one of the key figures in the global expansion of Cinemark as its new chief operations officer, it seemed clearer than ever that the firm was looking to grow.

However, EEG is only acquiring these Paragon venues, not Paragon itself, which will continue operations at its remaining cinemas – three in Florida and one in North Carolina. Michael Wilson, co-CEO of Paragon Theaters with Michael Whalen, wrote that “this transaction also enables Paragon to focus on its core cinema assets slated to continue to grow with several planned locations in the Southeast as well as continuing to enhance the amenities and customer movie going experience in our remaining locations.”