Cast & Crew Entertainment to Acquire CAPS Payroll
The merger will create one of the largest payroll-services companies in Hollywood.
Cast & Crew Entertainment Services said Thursday that it has agreed to acquire CAPS Payroll for an undisclosed amount of money.
The merger, when complete, will create one of the largest of Hollywood's payroll-services companies, which handle the critical function of ensuring that TV and movie crews get paid.
The payroll-services companies have also been branching out, trying to become one-stop shops for accounting software, residuals processing, advice on tax-incentives, script and production updates and more.
Silver Lake, which invests largely in technology companies, bought Cast & Crew a year ago with the intention of growing the business and better preparing it for a digital future. Along those lines, it recently acquired Final Draft, a leader in screenwriting software.
CAPS, founded in 1991 and headquartered in Culver City, is a portfolio company of Uni-World Capital, a private equity firm.
"This combination will offer clients the industry's best suite of technology enabled solutions and expand support, training and career opportunities for employees of both companies," said Eric Belcher, CEO of Cast & Crew, which was founded in 1976 and is headquartered in Burbank.
It's unknown whether the merger will cause layoffs at either company.
"It's two complementary companies with very little overlap," said a Cast & Crew spokesperson. "We'll be working closely with CAPS over the near term to create a strong, combined organization and we'll announce details, as appropriate, as we move forward."