Chinese businessman and one of the richest people in the PRC, Sun Xishuang, bought Australian second biggest cinema chain Hoyts Group from private equity firm, Pacific Equity Partners. Hoyts Group was bought through Mr Sun’s British Virgin Islands-domiciled investment company ID Leisure Ventures. Financial part of the deal is confidential, but it is believed to be about US$900 million worth. It is said that ID Leisure will retain Hoyts’ management, led by chief executive Damian Keogh and chairman David Kirke.
Pacific Equity Partners, Australia’s largest private equity firm, acquired Hoyts Group in December 2007 from West Australian Newspapers and Publishing and Broadcasting Limited, in a deal about US$440 million worth. Despite the financial crisis and media recession, Hoyts earnings before interest, taxes, depreciation and amortization have almost doubled from US$48 million at acquisition year to US$86 million in 2014.
