Cast & Crew Entertainment services, one of the entertainment industry’s larger payroll companies, has agreed to be acquired for $700 million by Silver Lake, a private equity firm with $26 billion of assets under management and in committed capital.
Silver Lake, which also has invested in the WME/IMG talent agency as well as Alibaba and about 100 other companies, is purchasing Burbank-based Cast & Crew from ZM Capital, also a private equity firm.
Cast & Crew is well-known in the industry as one of the primary companies issuing paychecks to those who work on film and television sets.
Like others in the payroll-services industry, Cast & Crew has been quickly making the transition into digital and it now fashions itself a full-service vendor, providing accounting software and expertise on tax credits, labor relations, challenges complying with the Affordable Care Act and more.
The financial terms of the acquisition were not disclosed, though people familiar with the deal say the price was $700 million, and Cast & Crew senior management will remain “meaningful equity partners.”
Cast & Crew’s senior management team will also stay with the company in their current roles, and an insider said that there are no layoffs planned as a result of the acquisition. Cast & Crew, founded in 1976, employs 350 people in 11 offices.