Cinesite Studios has completed a $70m long-term financial plan with asset management house Pemberton.
Pemberton has agreed an initial funding of $40m to cover the group’s capital requirements including some acquisition finance. In addition, Barclays Corporate Banking will supply $4m of revolving facilities. The overall agreement has a further $26m fund raising capacity built in.
No details have been released about possible future acquisitions. Past acquisitions for Cinesite include Vancouver-based VFX studio Image Engine in 2015 and Vancouver-based feature animation studio Nitrogen in March last year.
Commenting on the agreement with Pemberton, Antony Hunt, Chief Executive of Cinesite, said “We are delighted to be entering this partnership with Pemberton, which has significant experience of financing growth businesses. In partnering with us, it has invested in the talented staff we nurture, our ambition to grow steadily and our vision for the future. We’re looking forward to working with its team”.
Cinesite Studios, based in London, with facilities in Montreal and Vancouver, has the capacity to accommodate up to 1,350 employees. Credits include Game of Thrones series 7, Harry Potter, Skyfall, Logan, Thor, Fantastic Beasts & Where to Find Them, Assassin’s Creed and The Commuter.
Cinesite says the new financial arrangements "will facilitate new partnerships and collaborations with leading studios and filmmakers to develop and innovate original projects and stories that resonate with a global audience."
Eric Capp, Head of UK Origination at Pemberton, said: “Cinesite has rightfully earnt a reputation as a studio with strong creative and technical capabilities. The Cinesite management team has successfully leveraged the company’s capabilities to deliver sustained, impressive growth. Pemberton’s platform was purposefully built to provide tailored finance to high-quality, high-growth European companies like Cinesite.”
Along with its on-going vex work, Cinesite has recently produced three animated features: The Star (Sony Pictures Animation) Gnome Alone and Charming (3QU Media).
The Addams Family (MGM) directed by Conrad Vernon (Shrek 2, Monster vs. Aliens, Sausage Party) is currently in production in Vancouver. Cinesite’s Montreal team continues work on the 3QU slate and other feature animation productions in development, including Riverdance, Harold Lloyd & Imaginary Friend and others yet to be announced.
Cinesite was advised by Tomorrow Partners.
Jon Creamer
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