Pemberton, the diversified asset manager backed by one of Europe's largest insurers, Legal & General Group PLC, today announces it has provided senior term facilities to Cinesite Studios, an independent digital entertainment company.
Cinesite Studios, headquartered in London, produces award-winning feature animation and visual effects for the film and television industries. Productions it has worked on include Game of Thrones, Harry Potter, Skyfall, Thor, Fantastic Beasts & Where To Find Them and The Commuter.
Pemberton will initially provide Cinesite with $40 million for general funding and acquisition finance purposes. Pemberton will be supported by Barclays Corporate Banking, which will provide $4 million of revolving credit facilities. Together, Pemberton and Barclays have agreed a further $26 million in future flexible facilities.
Eric Capp, Head of UK Origination at Pemberton, said: “Cinesite has rightfully earnt a reputation as a studio with strong creative and technical capabilities. The Cinesite management team has successfully leveraged the company’s capabilities to deliver sustained, impressive growth. Pemberton’s platform was purposefully built to provide tailored finance to high-quality, high-growth European companies like Cinesite.”
Cinesite has generated 40% year-on-year revenue growth since 2014. It will use the financing package to facilitate new partnerships and collaborations with leading studios and filmmakers.
Antony Hunt, Chief Executive of Cinesite, said: “We are delighted to be entering this partnership with Pemberton, which has significant experience of financing growth businesses. In partnering with us, it 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.”
Cinesite was advised by Tomorrow Partners, a specialist financial debt advisory firm.
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