VFX firm Cinesite is moving into production and gearing up for expansion outside the UK as part of its wider diversification plans.
Last week, private equity firm Endless LLP backed a management buyout of the business for an undisclosed amount from troubled manufacturer Kodak.
Cinesite’s existing management team of managing director Antony Hunt, production director Courtney Vanderslice-Law and finance director Duncan Rodger are set to take a stake in the business at a later date.
Hunt said he wanted Endless to help “grow the Cinesite brand”.
He added: “We have a very profitable company but our parent company Kodak was in Chapter 11 [US bankruptcy proceedings]. That meant some clients weren’t too forthcoming in handing over projects.
“We want to expand globally and push further into the world of VFX. We also have aspirations in content creation and broadcast work; with the backing of a private equity firm we have a better chance of doing that,” he added.
Cinesite is finishing its first production, an unnamed project that Hunt described as an episodic TV travel and adventure series. “[Cinesite] is the main financial executive producer. We’re looking to close a deal with a major UK broadcaster.”
Canada is likely to be the location of Cinesite’s first base outside the UK, with the team now eyeing international opportunities.
“There are regions in the world with good tax incentives, so it makes sense to combine them with the availability of local talent,” Hunt explained.