Trive Capital and Five Crowns Capital have recapitalized Picture Head Holdings, a provider of film editing services.
Picture Head provides post-production content editing, finishing and storage services for feature film, episodic TV and other media studios. The company operates through three divisions – Picture Head, Picture Shop and Formosa Group – and has multiple locations in the Los Angeles area (www.picturehead.com) (www.pictureshop.com) and (www.formosagroup.com).
“Picture Head’s unique strategy and value proposition has yielded strong growth in recent years, and we look forward to continuing this momentum with partners that can provide additional capital and resources,” said Mike Greenfeld, Picture Head Co-Managing Director. “The company’s mission is to deliver superior services to our customers via best-in-class people and facilities, which we believe the partnership with Trive and Five Crowns will help augment. We chose both groups based on their collaborative approach, experience in the sector and ability to support continued initiatives.”
“We are excited to partner with the Picture Head management team in supporting the next phase of the company’s innovation and expansion,” said David Stinnett, a Partner at Trive Capital. “The company is well positioned within the broader media and entertainment industry to capitalize on the rapid increase in content creation from both traditional and streaming studio customers, coupled with limited supply and increased barriers within the post-production services niche.”
Trive invests from $10 million to $150 million of debt or equity in North America-headquartered companies with revenues of $40 million to $1 billion. The firm is industry-agnostic but has specific experience across a wide range of sectors including aerospace and defense, automotive, building products, business services, chemicals, and consumer goods. In September 2017, Trive held a final closing of Trive Capital Fund III LP with $1 billion of capital commitments. The firm was founded in 2012 by Conner Searcy and Chris Zugaro and is based in Dallas (www.trivecapital.com).
“We look forward to working with the Picture Head management team to execute on meaningful near-term opportunities and capture additional share in an expanding market,” said Jeffrey Schaffer, Five Crowns Managing Partner. “The company has carved out an attractive niche in the post-production entertainment space, fueled by the proliferation of episodic television, both on streaming and cable platforms, and feature films. We believe that Picture Head’s strategy is competitively differentiated, less prone to cyclical swings and poised for growth as original content continues to increase.”
Five Crowns invests in small and middle market companies that have annual revenues of $20 million to $200 million and EBITDA of $4 million to $40 million. The firm is industry agnostic but has specific interest in media and entertainment; cosmetics; building materials; technology and electronics; energy; manufacturing; distribution; healthcare; and life sciences. Five Crowns was founded in January 2003 and is headquartered in Newport Beach, CA (www.fivecrownscapital.com).
© 2018 Private Equity Professional | October 15, 2018