VFX and animation firm Cinesite said it has secured $112 million in new investment and financing, including a new minority equity position taken by Amsterdam-based Gryphion Capital Investments.
Barclays and NatWest are providing an initial base of up to $52 million for “general funding and revolving credit facilities,” Cinesite said, with an additional $20 million earmarked for future expansion or acquisitions. Cinesite characterized the investments as key to the company’s “five-year strategy,” which will include creating new partnerships and collaborations with studios and filmmakers to increase market share.
Further terms of the deal were not disclosed.
“The market served by Cinesite continues to present exciting growth opportunities as we foresee a strong increase in demand in the coming years,” said Gryphion MD Hans Oerlemans in a prepared statement. “Cinesite is one of few leading providers that can consistently deliver the top quality that is needed in this market.”
Cinesite said its gross revenue has increased “by tenfold since 2014” thanks in part to the surge of new programming from OTT streamers including Netflix, Amazon, Disney+ and AppleTV+.
CEO Antony Hunt and the senior management team are expected to remain in charge of the business, the company said, running operations out of its London headquarters. Cinesite also has locations in Montréal, Québec, and Vancouver, British Columbia, as well as Trixter’s offices in Munich and Berlin and Image Engine’s office in Vancouver.
Cinesite’s recent work includes visual effects for BBC’s The North Water, Netflix’s The Witcher and Netflix/Legendary Television’s Lost In Space 2, as well as animation projects including MGM’s The Addams Family and the U.S.-China co-production Extinct.