Cinesite has secured investment from Gryphion Capital Investments along with new banking facilities from Barclays and NatWest which amount to US$112m.
Barclays and NatWest will initially provide Cinesite with up to US$52 million for general funding and revolving credit facilities. The independent studio group has a further US$20m in future flexible facilities to deal with acquisition or expansion. In parallel, Gryphion Capital Investments has taken a minority equity position in the company which will further support Cinesite’s strategy for growth.
Headquartered in London, the Cinesite Group has facilities in Berlin, Montreal, Munich & Vancouver. It has recently delivered MGM’s The Addams Family, Paramount Pictures’ Rocketman, Marvel Studios’ Avengers: Endgame, Captain Marvel & Spider-Man: Far From Home and won an Emmy for Outstanding Special Visual Effects for the final season of Game of Thrones and delivered fantasy VFX for the soon to be released Netflix series The Witcher.
Commenting on the investment David Munoz, Director of Technology, Media and Telecoms at NatWest Corporate Banking commented, “We are delighted to be supporting Cinesite in their next phase of growth. Our position as a leading banking partner to the creative industries makes us the natural home for Cinesite. The managements vision for the future represents an exciting opportunity for all stakeholders”
Gryphion Capital Investments has taken an equity position in the company alongside current investors. Hans Oerlemans, managing director of Gryphion said: “Seeing the achievements to date of the Cinesite business made it an easy decision for us to invest. The market served by Cinesite continues to present exciting growth opportunities as we foresee a strong increase in demand in the coming years. Cinesite is one of few leading providers that can consistently deliver the top quality that is needed in this market”.
Cinesite Group CEO, Antony Hunt, and the senior team will continue to lead the business from its London headquarters. Commenting on the investment, he said, “Securing this funding in the current uncertain climate is testament to the quality of our business and the position we have in the industry. It will enable Cinesite to move to the next level, benefitting our staff, customers and shareholders.” We look forward to working with the team at Gryphion, NatWest & Barclays on developing our creative talent base, capitalising on the demand for our services across digital and traditional platforms, and accelerating strategic business development opportunities.”
Terms of the transaction were not disclosed. Cinesite retained Stonehage Fleming Advisory, and Tomorrow Partners LLP on equity and debt respectively.
Staff Reporter
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