Endless reels in film production company
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Kodak-owned Cinesite has been bought by turnaround investor Endless to allow the company to expand its geographical footprint.
Endless, the investor behind deals for Crown Paints and British Bookshops & Stationers, has acquired Cinesite for an undisclosed amount.
Cinesite's existing management team has been retained, with Endless' support providing new resources and stability to the business.
Previous owner Kodak recently filed for bankruptcy protection in New York and obtained a $950 million (£589 million) credit facility to allow it to keep trading. Difficulties arose after Kodak decided to focus on digital photography and printing. However, the company announced in February 2012 that it was to cease production of digital cameras and focus on the corporate market.
Cinesite, which is not affected by the US bankruptcy action, has provided visual effects services for films including the Harry Potter, Pirates of the Caribbean and X-Men film franchises. The London-headquartered company is now working on the latest James Bond film, Skyfall, as well as Brad Pitt film World War Z.
Anthony Hung, managing director of Cinesite, says that the company is now moving into a 'new era'.
He adds, 'The partnership with Endless is a great strategic move for both parties. This takeover sale will give us the opportunity we need to grow our talented team to ensure we remain at the forefront of the visual effects industry for many years.'
Garry Wilson, managing partner at Leeds-based Endless, says the private equity firm was impressed with the potential of the company's creative talent and range of films and television shows that it was involved in.
'We're excited to be helping Cinesite with its next stage of growth and are convinced our partnership will help them continue to expand their long-standing and successful global brand,' Wilson adds.