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FFI Holdings strengthens ancillary business with EPS-Cineworks acquisition

The deal, which was originally agreed in September, will boost the range of ancillary services FFI can offer
picture of film reel
EPS-CIneworks has a strong market presence in the US

Film production underwriter FFI Holdings Plc (LON:FFI) has completed the acquisition of digital post-editing group Cineworks Digital Studios, its first since listing on AIM in June.

The deal, which was originally agreed in September, will boost the range of ancillary services it can offer, said FFI.

READ: Film completion contract firm FFI Holdings seeking AIM spotlight with listing move

EPS-Cineworks has a strong market presence in North America, especially in post-production work for television and independent projects.

Growth here is being driven by smaller content providers such as streaming companies that do not have post-production capabilities.

Sales were US $9.4mln in 2016 on which EPS-Cineworks made underlying profits [EBITDA] of US$2.7mln. 

The total consideration is US$9.54mln, of which 87% has been paid in cash with the remainder in two instalments based on performance.

Management to stay on

EPS-Cineworks management is staying on and FFI sees many synergies between the business and Pivotal Post, which was acquired in February 2017.

Kevin Hyman, Pivotal Post’s chief executive, will manage the combined operation.

Steven Ransohoff, FFI’s chief executive,  said: "Today's transaction underscores FFI's commitment to expanding its ancillary business offerings, in line with the diversification strategy we set out at the time of our IPO.”

FFI was founded in the 1950’s and has underwritten around 1,700 productions with gross budgets in excess of US$17bn ranging from the first Bond movie, Dr. No in 1962, to The Hunger Games (2012) and La-La Land (2016).

 

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