VFX Firm Prime Focus Gets $53 Million Investment
The company's recent credits include "World War Z" and "White House Down."
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.
- MOST SHARED
- MOST POPULAR
- Pop Danthology's Mashup Of 68 Songs From 2013 Will Make You Wanna Dance
- The Mandela You Don't Know: The Savvy Politician Who Used the World Cup to Unite South Africa
- Idris Elba's 'Honour Of Stepping Into Nelson Mandela's Shoes', Film Royal Premiere As Former President Dies In South Africa
- Idris Elba: 'What An Honor It Was To Step Into The Shoes Of Nelson Mandela'