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Pinewood to be sold for £323m

Pinewood to be sold for £323m
News
Jake Bickerton
28 July 2016

Pinewood has reached agreement with US-based real estate company Venus Grafton to sell it for a little over £320m. Venus Grafton is offering 563.2p per share, valuing the Pinewood Group at £323.3m.

The Pinewood board first raised the possibility of a sale back in February this year, announcing a strategic review of its structure and ownership. At the time it said: “The board has now determined that it is appropriate to evaluate alternative opportunities to maximise value for the company's shareholders and to build on Pinewood's successes to date.”

“We believe there is a requirement for a funding strategy to be in place to fully realise the company's future potential. Accordingly, Rothschild has been appointed to assist with a strategic review of the overall capital base and structure, which could include a sale of the company."

Following the announcement of the “possible offer”, Ivan Dunleavy, Chief Executive of Pinewood, says: “Pinewood has grown in recent years into a global operation which sits at the forefront of the UK's creative industries. We believe that we have found the right partner for the business and one that shares our long-term vision for the future of the Group.”

He adds that: “Pinewood's continuing commitment to the UK's creative industries remains as strong as ever. Staff and customers can be assured that in this new strategic partnership our priority will be to not only maintain, but build on the world class provision of services."

Meanwhile, Leon Bressler, Managing Partner of Aermont, which is an investment advisor to the funds being used to purchase Pinewood, said: “Aermont has a strong track record in operating companies with a real estate component. We look forward to working with Pinewood's management team to deliver their compelling strategy for future growth, both in the UK and internationally."

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