SME and lower mid-market growth capital investor Next Wave Partners has backed former Molinaire CEO Steve Milne’s purchase of the ailing British post-production house, in a rescue deal that involved a pre-pack administration and saved 150 jobs.
Based in Soho, London, Molinaire has worked on a string of films and television series, including Ridley Scott’s Prometheus and the BBC’s Silent Witness.
The comapany was placed into administration by Century Communications of India, which bought a controlling stake in the business in 2008 from Milne – who initially saved the company from the brink of bankruptcy in 2003 in a £5m deal.
Milne will return as executive chairman after cutting ties with the company in 2010, and will be joined by new managing director Julie Parmenter, the former global head of sales and operations at Rolls-Royce.
Jonathan Brod and Dean Mackenzie of Next Wave Partners will also join the board of Molinare as non executive directors.
Macfarlanes, PwC and Davenport Lyons advised on the deal, the financial terms of which were not disclosed.
The company will be added to Next Wave’s growing portfolio of investments, which also include SPA Future Thinking, the UK’s largest private market research group, and Secured Mail, the UK’s second fastest growing private company.
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