Harris Williams & Co. Advises The Mill on its Sale to Strategic Buyer, Technicolor
Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of The Mill, a premier provider of moving image visual content for advertising, to Technicolor (Euronext Paris: TCH; OTCQX: TCLRY) for £190 million. Harris Williams & Co. acted as the exclusive financial advisor to The Mill, a portfolio company of Equistone Partners Europe (Equistone). The transaction was led by Thierry Monjauze, Jonathan Organ and Mathew Tsui from Harris Williams & Co.’s Technology, Media & Telecom (TMT) Group in London.
“It has been a pleasure to work with the management team of The Mill for a second time,” said Thierry Monjauze, a managing director in the firm’s TMT Group. “The Mill has continued to demonstrate a track record of delivering creative excellence through the delivery of innovative digital content across the advertising sector. This transaction is a fantastic result for all parties including Technicolor, for whom this is a highly strategic acquisition, enabling them to draw upon The Mill’s expertise and to enhance its production services segment substantially.”
In announcing the transaction, Technicolor CEO Frederic Rose said, “In acquiring The Mill, we are delivering on our Drive 2020 strategic objective of enhancing our market position in visual effects while improving profitability and revenue growth concurrently with accelerating deployment of emerging technologies such as virtual reality. In The Mill, we have found a company which aligns with our focus on excellence in talent, technology and operational performance. It is a perfect fit.”
The Mill is consistently recognised by its clients and peers around the globe as the premier provider of moving image visual content for advertising. Founded in 1990 in London, The Mill rapidly established a reputation as a leader in combining cutting edge technology with talented artistry and now counts the world’s top brands, directors and advertising agencies amongst its clients. It has grown to over 800 employees across its studios in London, New York, Los Angeles and Chicago and is also one of the most awarded firms in its field, notably winning five Lions at the Cannes festival of Creativity in 2015.
Equistone is one of Europe’s leading investors in mid-market buyouts with a strong, consistent track record spanning over 30 years, with more than 350 transactions completed in this period. Equistone has a strong focus on change of ownership deals and aims to invest between €25 million and €125 million of equity in businesses with enterprise values of between €50 million and €300 million. Equistone is currently investing its fifth buyout fund, which held a final closing at its €2 billion hardcap in April 2015.
Technicolor, a worldwide technology leader in the media and entertainment sector, is at the forefront of digital innovation. The company’s world class research and innovation laboratories enable it to lead the market in delivering advanced video services to content creators and distributors. Technicolor benefits from an extensive intellectual property portfolio focused on imaging and sound technologies, based on a thriving licensing business. The company supports the delivery of exciting new experiences for consumers in theatres, homes and on-the-go. Technicolor shares are on the NYSE Euronext Paris exchange (TCH) and traded in the USA on the OTCQX marketplace (TCLRY).
Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.
Harris Williams & Co.’s TMT Group advises leading private and public companies, entrepreneurs, private equity firms and venture capital firms on mergers and acquisitions and capital-raising transactions worldwide. The TMT Group has deep domain expertise in the Software/SaaS and Internet & Digital Media segments, with particular emphasis on specific verticals including education, energy technology, fintech, public sector and supply chain/logistics and has a dedicated healthcare technology (HCIT) practice. Across verticals it also advises technology services and networking solutions businesses. For more information on the TMT Group and its recent transactions, visit the TMT Group’s section of the Harris Williams & Co. website.
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.