The Cinesite group has announced a series of transactions which will result in a US$235 million funding package.
Cinesite says the funding will enable the company to “continue its organic and acquisition revenue growth over the next few years, further develop its world class talent and serve its customers with creative innovation and reliability that they can depend on.”
NatWest Corporate Bank led the financing alongside Barclays who are the company’s long standing bankers, with flexibility to allow more institutions to join the banking club as required. The overall package includes, debt, equity and mezzanine lines from existing shareholders.
The Cinesite group will use the funding to accelerate its growth by “offering clients greater creative capacity, allowing the company to enter new geographies and business segments while building on its studio partnership model to expand its talent base & global footprint.”
Headquartered in London, the Cinesite group also has facilities in Montreal and Vancouver alongside partner studios in Berlin, Munich (Trixter) Belgrade, Skopje (FX3X) Montreal (Squeeze Animation & L’Atelier Animation), Quebec City (Squeeze), Mumbai (Assemblage Entertainment) and Vancouver (Image Engine).
“Continuing our strong support to the sector, we are delighted to lead the arrangement of this package of funding for the Cinesite group. The business has a well-established track record and an outstanding reputation for producing high quality animation and VFX,” said David Munoz Director of Technology, Media and Telecoms at NatWest Corporate Banking.
“We have had an excellent relationship with Cinesite for over 10 years and are pleased to be able to support their future growth. This deal highlights our ongoing commitment to the business, as well as the sector as a whole, and we look forward to their continuing success”, said Richard Green, Relationship Director, Technology, Media and Telecoms, at Barclays Corporate Banking.
Cinesite group CEO Antony Hunt said of today’s announcement, “Across the Cinesite group we are very well positioned with significant opportunities to capitalise on increasing demand from Hollywood studios, production companies and streaming services. The platform we have built over the last few years coupled with the three decades of experience, world-class talent and trusted reputation will help us greatly in scaling and widening the scope of our business.”
Hans Oerlemans, managing director of Gryphion concludes: “As a long-standing investor seeing the achievements of Cinesite during our tenure made it an easy decision to continue our support. The company is well known for consistently delivering the top quality that is needed in this market and as investors our experience is the same – a management team that delivers”.
Recent Cinesite group credits include Black Panther: Wakanda Forever, Willow, The School for Good & Evil, Obi-Wan Kenobi, The Witcher S2, Matilda, Paws of Fury: The Legend of Hank, Thor: Love & Thunder, The Book of Boba Fett, The Addams Family 2 & She-Hulk.
The studios are currently in production on projects including Iwaju (Disney+) , Foundation S2 (Apple), Poirot (20th Century Studios), Teenage Mutant Ninja Turtles: Mutant Mayhem (Nickelodeon), The Witcher S3 (Netflix) and I Am Groot (Marvel Studios) to name a few.
Jon Creamer
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