The VFX and animation studio collective announces new long term financing deal to continue its acquisition revenue growth, increase client offerings, capacity, and expand its global footprint; NatWest Corporate Bank led the financing alongside Barclays – the company’s longtime bankers.
Independent visual effects (VFX) and animation studio collective The Cinesite Group has secured a new US$235 million funding package led by NatWest Corporate Bank, alongside Barclays – the company’s long-standing bankers. The overall long-term financial arrangement includes existing shareholders' debt, equity, and mezzanine lines. Cinesite Group CEO Antony Hunt made the announcement.
Cinesite’s revenue has seen 14-fold revenue growth since 2014. The new funding will support continued growth with an increase in client offerings and capacity, expansion into new geographies and business segments, and growth of its talent base and global footprint.
The collective’s current roster of 2,500 artists and technicians serves Hollywood studios, streaming services, and international production companies. Headquartered in London, the Cinesite Group has facilities in Montreal and Vancouver as well as 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,” said David Munoz, Director of Technology, Media and Telecoms at NatWest Corporate Banking. “The business has a well-established track record and an outstanding reputation for producing high-quality animation and VFX.”
“We have had an excellent relationship with Cinesite for over 10 years and are pleased to be able to support their future growth,” added Richard Green, Relationship Director, Technology, Media and Telecoms, at Barclays Corporate Banking. “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.”
“Across the Cinesite Group, we are very well positioned with significant opportunities to capitalize on increasing demand from Hollywood studios, production companies, and streaming services,” noted Hunt. “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, concluded, “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; and She-Hulk.
Current studio production projects include 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).
Source: Cinesite Group
Debbie Diamond Sarto is news editor at Animation World Network.
