Arthouse cinema chain Curzon acquired by Fortress
UK arthouse cinema chain Curzon has been acquired by US-based Fortress Investment Group
The deal, which has been agreed for an undisclosed sum, includes the firm’s cinemas, film distribution company and online streaming service.
It’s the latest acquisition of a UK company by a US buyer, with a strong dollar and low British valuations attracting American investors over the last few years.
US private equity firms acquired 181 UK businesses in 2023, up 35 per cent from the previous year.
Fortress, which oversees $48bn (£37.5bn) in assets on behalf of 2,000 clients, said it plans to support Curzon’s expansion of its cinema footprint, as well as make progress on its awards and release plans.
Curzon, which has been operating since the early 1930s, was an early pioneer of foreign language films in the UK and has built a reputation on high-quality independent films.
These include the critically-acclaimed Irish music film Kneecap, which Curzon helped develop and distribute, and which grossed over £2m at the UK and Ireland box office. Kneecap recently received 14 nominations from the British Independent Film Awards.
Alice Rohrwacher’s Italian comedy-drama La Chimera also grossed over £930,000 for Curzon Film.
Forthcoming films include Flow and Julie Keeps Quiet, which have been selected to represent Latvia and Belgium respectively at the Oscars.
Curzon an ‘iconic film company’
Curzon has expanded its cinema presence over the last few years, with new locations in Hoxton, Camden, Kingston-upon-Thames and Canterbury.
It now operates 16 cinemas and 46 total screens across the UK as well as film distributor Curzon Film, and the Curzon Home Cinema streaming service.
The firm launched its streaming service in 2010, which now reaches 6.5m households. The streaming service will be acquired by Fortress.
Allison Swayze, managing director at Fortress, said: “Curzon is an iconic film company, with global recognition for its long legacy of releasing and connecting independent and critically acclaimed films to UK audiences.
“We’re pleased to acquire Curzon, and bring our support to the company’s dedicated team.
“Curzon has exciting near-term plans which include expanding its cinema footprint, and delivering awards and release plans for an exciting slate of films.
“Our acquisition secures the jobs of more than 350 employees, and helps Curzon continue to offer film fans a range of independent and blockbuster movies both in cinema and at home”