Cinesite splits from Kodak following MBO
MD targeting overseas expansion
Soho-based visual effects company Cinesite has split from its parent company, Kodak, following a management buy-out.
The deal has been backed by private equity firm Endless LLP, which intends to expand the Cinesite brand into new territories. Cinesite’s management team, led by managing director Antony Hunt, will keep their current role, and are likely to make a financial investment in due course. Hunt admitted that Kodak’s well-publicised financial problems have posed a significant challenge to Cinesite in recent months. He told Broadcast Now: “We have a very profitable company but our parent company Kodak was in Chapter 11 (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 visual effects. 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.” Cinesite has previously provided effects for films such as Harry Potter and Pirates of the Caribbean, and is currently working on a production of its own – a TV travel and adventure series which will soon be pitched at UK broadcasters. Hunt and his executive team are thought to be eyeing an overseas office in Canada, in the first step of its programme of overseas expansion.