June 21, 2013 8:02am PT by Carolyn Giardina
VFX Firm Prime Focus Gets $53 Million Investment
During this difficult time for the visual effects industry, Prime Focus World—the 2D to 3D conversion, visual effects and animation arm of India’s Prime Focus Limited—has received a $53 million equity investment from Macquarie Capital.
The first phase includes $38 million, followed by $15 million in a second transaction.
According to Friday’s announcement, Prime Focus plans to use the capital for growth including through strategic acquisitions.
Earlier this year, it was among the bidders to buy Rhythm & Hues (the winning bidder in that bankruptcy auction was a wholly owned subsidiary of Prana Studios.)
Prime Focus World maintains operations in Los Angeles, New York, London, Vancouver and Mumbai. Earlier this week the company announced plans to open a Beijing office before the end of the year.
Recent work includes White House Down and World War Z, as well as the conversion of Star Wars: Episode I: The Phantom Menace.
"After having made an initial investment of $43 million in 2008 to build out our global platform we have transitioned and become a business where today our shareholders are seeing a seven times increase in value, while most companies have found it hard to keep pace with the changing times,” Prime Focus World founder and CEO Namit Malhotra said in a statement.
Prime Focus World secured $10 million from China’s AID Partners Capital in March.