Execs At Kodak-Owned VFX House Cinesite Orchestrate Management Buyout
Executives at Kodak-owned visual effects house Cinesite orchestrated a management buyout backed by Endless LLP, an independent UK-based private equity house. The value of the deal was not disclosed.
Kodak—which filed for Chapter 11 bankruptcy protection earlier this year—had been looking to sell its London-based Cinesite business, whose credits include the Harry Potter films, John Carter, X-Men: First Class, Pirates of the Caribbean: On Stranger Tides, Band of Brothers, Rome and Generation Kill.
Companies including Deluxe and Sony Pictures Imageworks has also “showed interest” in Cinesite, along with other private equity firms, Antony Hunt, managing director of Cinesite, told The Hollywood Reporter.
“We have done well with Cinesite as a Kodak company,” Hunt said. “This investment enables us to push forward and grow.”
Under the new structure, Hunt plans to expand the creative staff and extend the business into Canada and later into the Far East. The aim is also to enter new areas, including content creation and television commercials.
Cinesite is currently working on Skyfall and World War Z.
“We were truly impressed by the potential of their creative talent, and breadth of blockbuster films and television shows they have been involved in,” said Garry Wilson, managing partner at Endless LLP, in a statement. “We’re excited to be helping Cinesite with its next stage of growth.”
Cinesite’s board members are Hunt; Courtney Vanderslice-Law, production director ; Duncan Rodger, finance director; Simon Stanley-Clamp, visual effects director ; and Michele Sciolette, technical director.