After months of rumors that they were up for sale, Cast & Crew Entertainment Services has a buyer. In yet another investment in Hollywood, Silver Lake Partners has acquired the widely used payroll and health services provider from ZM Capital. The terms of the deal were not made public but we do know that Cast & Crew senior management will be staying onboard. We also know that they will continue as equity partners in the new ownership structure, according to the companies. Cast & Crew were advised by Moelis & Company LLC, Morgan Stanley & Co. LLC and Sidley Austin LLP while Kirkland & Ellis LLP advised Silver Lake. RBC Capital Markets, Credit Suisse, Deutsche Bank Securities and Societe Generale are providing debt financing for the conditional agreement. Silver Laker is of course best known in industry circles for its strategic investments with WME over the past 3 years.
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“We admire what Cast & Crew’s excellent management team has achieved already with ZMC’s support,” said Silver Lake Managing Director Joe Osnoss. “Technology’s impact on the global media and entertainment sectors will create many new opportunities for Cast & Crew and its clients in the years ahead, and we look forward to helping the company achieve its next phase of growth.” The newly acquired company poised the deal as a ladder to growth, especially technologically – a place where some say it has lagged in recent years. “Silver Lake’s technology expertise and entertainment industry understanding positions them as the ideal strategic partner for our company,” said Eric Belcher, President and CEO of Cast & Crew today. “This investment will enable us to continue to offer best-in-class service and support to our clients in a rapidly evolving entertainment landscape.” “
As almost everyone who has gotten a pay check on a film or TV show knows, Cast & Crew offers technology-enabled payroll services to a wide breadth of clients across the entertainment industry, including major and independent film and television studios, as well as live event venues. The transaction is subject to customary closing conditions.
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