AID Partners forms joint venture with Prime Focus

AID Partners is also investing $10m in optionally convertible preference shares in Prime Focus World, which are convertible into a 4% stake in Prime Focus World.

Prime Focus World is a wholly owned subsidiary of Prime Focus.

Prime Focus is involved in 2D-3D conversion, visual effects (VFX) and animation services. It has worked on films such as The Chronicles of Narnia: Voyage Of The Dawn Treader, Shrek, Transformers 3 and Harry Potter And The Deathly Hallows Part 2.

AID Partners recently acquired a 100% stake in HMV Asia and also has a stake in The Dark Knight producer Legendary Pictures.

“3D and VFX are now the key elements of big-budget films. With the increasing budgets of China’s tentpole movies, there is a tremendous demand for world-class 3D and VFX services in China,” said Kelvin Wu, principal partner of AID Partners.

“Prime Focus World is able to provide the best quality creative and technical services at a reasonable cost. With the resources and network of AID Partners and our China partner Zhejiang Jingqi Wenhua Chuanbo Company Limited, we believe that the joint venture with Prime Focus will become one of the most important media entertainment service providers in China.”

Namit Malhotra, chairman and CEO, Prime Focus World, said: “Breaking into Hollywood, building direct relationships with the studios, delivering superior quality work using a global digital pipeline, and recording a CAGR of 68% – all in less than five years – is quite an achievement.

“Prime Focus’s unique model of striking the right balance between technological, creative and financial imperatives, continues to make it a valuable investment. Today it is heartening to see a discerning investor like AID Partners find such value in this company.”