The Cinesite group has announced it has secured funding of $215 million.
Aiming to overcome recent disruptive industry challenges, the funding package enables Cinesite to expand its production capabilities including VFX, animation, immersive content and motion capture, positioning the group to capitalise on worldwide growth in demand for entertainment content.
The financing was led by Natwest Corporate Bank alongside Barclays and Santander, Cinesite’s longstanding relationship banks. The overall package of senior and junior debt and equity lines was supported by shareholders, including family office Gryphion.
With the funding supporting its continued operations, Cinesite aims to leverage cutting-edge technologies and explore the potential offered by generative AI. The company is also considering strategic acquisitions and partnerships designed to achieve medium and long-term objectives.
Anthony Hunt, group CEO at Cinesite, said, “We have served this industry for over 30 years and in that time we have seen many changes; our longevity comes in part from our ability to adapt. In the next phase of our business you can expect to see us taking advantage of opportunities thrown up by the disruption of the past couple of years. Thanks to the renewed commitment of our banks, shareholders and other stakeholders and the ongoing confidence our clients place in our services, we will continue to produce exceptional work for audiences, while fuelling innovation and studio growth.”
William Ford, chief investment officer at family office Gryphion, added,”This funding package underscores the conviction of Cinesite’s shareholders and banks in the industry’s recovery and the continued demand for high-quality visual narratives. Cinesite’s strategic market position and growth potential, combined with its ability to consistently produce top-tier entertainment during unprecedented times, made renewing our support a straightforward choice. We are confident in Cinesite’s leadership and their ability to thrive as the broader industry restores its equilibrium.”
The commitment is seen as a welcome boost at a time when a series of challenges including the LA fires and Hollywood strikes have beset the sector.
