Cinesite Studios Secures $70M Finance Package For VFX, Animation Growth
January 29, 2018
Cinesite Studios Secures $70M Finance Package For VFX, Animation Growth
London-based digital entertainment company Cinesite Studios has finalized a $70M finance package provided by asset management firm Pemberton. The long-term financial plan is eyed to facilitate new partnerships and collaborations with leading studios and filmmakers to develop original projects. Established in 1994, the VFX and animation studio’s credits include Game Of Thrones, Harry Potter And The Deathly Hallows – Part 2, Skyfall, Logan, Fantastic Beasts And Where To Find Them, The Commuter and Avengers: Infinity War.
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The deal with Pemberton sees an initial tranche of $40M to cover the group’s capital requirements including some acquisition finance. In addition, Barclays Corporate Banking will supply $4M of revolving facilities. The overall agreement has a further $26M fund raising capacity built in.
The company also has bases in Montreal and Vancouver, and has seen 40% year-on-year revenue growth since 2014 — particularly amid the UK production boom. In addition to its VFX work, Cinesite recently completed production on three animated features: The Star (Sony Pictures Animation), Gnome Alone and Charming (3QU Media).
It’s further working on MGM’s The Addams Family in Vancouver while the Montreal team is focused on the 3QU slate and other feature animation productions in development, including Riverdance and Harold Lloyd & Imaginary Friend.
Cinesite Chief Executive Antony Hunt says that by partnering with the company, Pemberton, backed by insurer Legal & General, “has invested in the talented staff we nurture, our ambition to grow steadily and our vision for the future. We’re looking forward to working with its team.”