UK turnaround investor Endless has purchased digital visual effects house Cinesite from Kodak. Deal terms were not disclosed.
Kodak, based in New York, filed for bankruptcy at the start of the year and has since reported a loss of $366m (€283m), caused by a decision to stop the sale of digital cameras and instead focus on other parts of the business, such as sophisticated printers for publishing purposes. However, for Cinesite, based in the UK, Kodak's bankruptcy only applies to its US operations.
Following the deal, Endless will support Cinesite's plans to expand into new territories and diversify its services.
As a digital visual effects house, Cinesite has worked on high-profile projects including the Harry Potter films, X-Men: First Class, Pirates of the Caribbean: On Stranger Tides, Band of Brothers and Rome. It is currently working on the 23rd James Bond instalment, Skyfall.
The asset class is no stranger to visual effects companies, with Equistone Partners Europe (known then as Barclays Private Equity), picking up The Mill from Carlyle in April last year. Established in 1990, The Mill provides digital visual effects (VFX) for advertisements made for television, the internet, outdoor advertising screens and mobile devices. Clients include Nike, Ford, T-Mobile, Sony, Adidas, Lynx and Barclaycard.