UK post-production house Molinare has struck a multi-million pound deal to sell a majority stake to Indian media giant Century Communications, parent to its post-production division Pixion.
The deal was done May 2 and has now been announced by Molinare's chief executive Steve Milne and managing director Mark Foligno.
Century's 'intensive investment programme' will fund Molinare's overhauled buildings, revamped infrastructure and increased capacity.
Molinare was relaunched in 2003 and has since grown turnover from $10m (£5m) in 2003 to more than $22m (£11m) in 2007. The company has increased its activity in feature films, having worked on more than 80 films in the past three years, including Sundance award-winning documentary Man On Wire.
Molinare's talks with Century started in mid-2006. The companies have together worked on a number of projects. In December 2007, Century bought UK-based film effects company Men From Mars.
Molinare chief executive Steve Milne said: 'Having sought to rebuild this iconic company, which this year celebrates its 35th anniversary, we believe we've found the right partner for Molinare's next phase of growth.'
Naresh Malik, CEO of Pixion added: 'We are delighted with our new partner because we both have a similar dream, and we were very impressed with what Steve and Mark have achieved over the last four years. With Century Communications' backing, I am sure Molinare will have a very exciting future.'
Milne and Foligno will remain large shareholders and there will be no changes to operational management at Molinaire.
The deal was done May 2 and has now been announced by Molinare's chief executive Steve Milne and managing director Mark Foligno.
Century's 'intensive investment programme' will fund Molinare's overhauled buildings, revamped infrastructure and increased capacity.
Molinare was relaunched in 2003 and has since grown turnover from $10m (£5m) in 2003 to more than $22m (£11m) in 2007. The company has increased its activity in feature films, having worked on more than 80 films in the past three years, including Sundance award-winning documentary Man On Wire.
Molinare's talks with Century started in mid-2006. The companies have together worked on a number of projects. In December 2007, Century bought UK-based film effects company Men From Mars.
Molinare chief executive Steve Milne said: 'Having sought to rebuild this iconic company, which this year celebrates its 35th anniversary, we believe we've found the right partner for Molinare's next phase of growth.'
Naresh Malik, CEO of Pixion added: 'We are delighted with our new partner because we both have a similar dream, and we were very impressed with what Steve and Mark have achieved over the last four years. With Century Communications' backing, I am sure Molinare will have a very exciting future.'
Milne and Foligno will remain large shareholders and there will be no changes to operational management at Molinaire.
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