Swedes purchase Spain's Palma Pics


MADRID -- Swedish entrepreneurs Joachim Odqvist and Ture Stendahl have acquired Mallorca-based Palma Pictures, a family-owned production services company, for an undisclosed sum, the company said Friday.

Simultaneously, the existing management team of CEO Mike Day, executive producer Trent Walton and CFO Ramon Caravaca took an equity interest in the business, giving them board representation.

"Our aim is to continue to cement relationships with European talent," Day said. "We want to become the first choice in Europe for top directors and a place where filmmakers choose to work."

Palma Pictures, located on the Mediterranean island off Spain's northeastern corner, was established in 1993 by Ola and Grete Holmgren and has grown significantly, providing crew, equipment and logistical support for more than 550 television commercials and 15 television dramas and feature films.

Palma boasts a 3,148-square-meter studio complex, with a 1,023-square-meter soundstage, as well as in-house camera, lighting and grip equipment. The company recently bought a site adjacent to the current facility and plans to construct a second stage.

Palma Pictures also has production offices in Munich, Paris and Copenhagen, Denmark, and is about to open an office in Madrid.

"These are exciting times for us, and we intend to expand our international service network in the coming period, as well as diversifying into other related areas of production," Day said.