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Cast & Crew Entertainment Services Acquires CAPS PayrollBURBANK, Calif., June 16, 2016 /PRNewswire/ -- Cast & Crew Entertainment Services, the premier provider of technology-enabled payroll and production management services to the entertainment industry, today announced it has signed a definitive agreement to acquire CAPS Payroll, a leading payroll provider spanning multiple important entertainment end markets including commercial production, venues, music tours, live events, unscripted television and independent film. Silver Lake, the global technology investing leader and controlling shareholder of Cast & Crew, is committing substantial additional equity to fund the acquisition and support Cast & Crew's continued growth. Since Silver Lake's acquisition of Cast & Crew in mid-2015, the company has accelerated investments to extend its technology leadership and strategically align the company for the digital future of the industry. Examples of recent investments include the release of new and advanced digital workflow solutions, the acquisition of screenwriting software leader Final Draft, Inc. and now the addition of CAPS, itself a technology pioneer in the entertainment subsectors it serves. Providing clients with a robust portfolio of technology-enabled services, Cast & Crew is a trusted partner to major and independent film and television studios. Its capabilities include entertainment payroll and residuals processing; products such as its industry-leading PSL production accounting software; workers' compensation programs; and financial services, including production incentive consulting and administration. Cast & Crew is celebrating its 40th anniversary this year and has built a preeminent market position through decades of unwavering focus on client service. CAPS, a portfolio company of Uni-World Capital, also has a rich 25-year history and provides end-to-end production payroll and accounting solutions for clients of all sizes. The company brings particular expertise in commercial production, venues, music tours, live events, unscripted television and independent film, and is known for its technology innovation and strong commitment to customer service. CAPS' headquarters are in Culver City, California, and the company has a strong employee base across multiple locations in the U.S. and India. "Cast & Crew and CAPS are an ideal fit, with complementary client bases, compatible technology portfolios and consistent corporate cultures," said Eric Belcher, President and Chief Executive Officer of Cast & Crew. "This combination will offer clients the industry's best suite of technology-enabled solutions and expand support, training and areer opportunities for employees of both companies." Doug Sylvester, Chief Executive Officer of CAPS, noted that Cast & Crew and CAPS management are aligned with respect to the combined company strategy. "We are delighted to join an organization with exceptional relationships and expertise in the entertainment industry, a deep commitment to customer service and a clear vision of where the market is going," he said. "Cast & Crew has a wonderful reputation with clients and employees alike, and we look forward to becoming part of the team." "Silver Lake's mission is to invest behind the growth of technology leaders like Cast & Crew," added Joe Osnoss, Managing Director at Silver Lake. "We are enthusiastic about the compelling combination with CAPS, and our follow-on equity investment underscores our confidence in what this platform can offer to the dynamic media and entertainment marketplace." Chris Fuller, Managing Partner of Uni-World Capital, noted: "We partnered with CAPS co-founder Eric Capogrosso in May 2011 to accelerate the growth of CAPS and enhance its strategic position through investments in technology and people to help take the business to the next level. Those efforts were quite successful, and I am pleased to see CAPS now joining the Cast & Crew family, where CAPS will be optimally positioned to continue to thrive." Cast & Crew was advised by the law firm of Kirkland & Ellis LLP. CAPS was represented by Houlihan Lokey and Kaye Scholer LLP. About Cast & Crew About CAPS Payroll About Silver Lake About Uni-World Capital, L.P. CONTACT: Michael Geczi, 310-940-6942, [email protected]
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/cast--crew-entertainment-services-acquires-caps-payroll-300286344.html SOURCE Cast & Crew Entertainment Services, LLC |