Karmijn Kapitaal sells Tuvalu Media

Newen acquired its majority stake from Karmijn and other shareholders and company executives, including Tuvalu CEO Taco Zimmerman, creative director Duurt Holman and finance director Douwe van der Werf. Karmijn had acquired a 60% shareholding in the group in 2013.

Zimmerman and van der Werf will retain a minority equity stake in Tuvalu and will continue to manage the company, according to a company statement.

The merger is expected to provide synergies to both companies. Tuvalu will gain access to a broader international network, while Newen will expand into the Dutch market, the company said.

With its new business partner, Tuvalu will also pursue organic growth, building on Newen’s experience in scripted production and in distribution, the group said.

Based in Paris and founded in 2008, Newen is an audiovisual production and distribution company operating through subsidiaries in France and internationally. It produces and sells fiction series, TV reality shows, animation programmes, documentaries and other types of content.

Newen is a subsidiary of TF1 Group, a French media holding company and owner of national channel TF1. TF1 Group was formed after the TF1 channel was privatised in 1987; 43% of the company is owned by telecommunications group Bouygues and is listed on Euronext Paris.

Previous funding
In 2013, Karmijn acquired a minority stake in Tuvalu as part of a management buyout that saw Sony Pictures Television exit the business. Sony had previously acquired its stake in Tuvalu in 2008. 

In the 2013 deal, Tuvalu's management bought out Sony's 60% stake with support from Karmijn, taking back control of the group. Tuvalu co-founder Roel Kooi left the business following the deal.

Karmijn invested through its first buyout fund Karmijn Kapitaal I, closed on €50m. The firm has since closed its second fund Karmijn Kapitaal II on its €90m hard-cap last year. 

Company
Founded in 2006, Tuvalu is headquartered in Amsterdam with an additional office in Diegem, Belgium. The company produces television shows, drama series, documentaries and films for both local and international broadcasters such as Discovery Channel and National Geographic. Tuvalu also creates corporate films, commercials and online video content for companies, governments and non-profit organisations.

In 2010, Dutch media producer Waterland Film became part of Tuvalu. The company opened its Belgian branch in 2011.

People
Karmijn Kapitaal – Désirée van Boxtel (partner).
Newen Studios – Tanguy de Franclieu (managing director).

Advisers
Company – Nielen Schuman (corporate finance); EY (corporate finance); De Breij Evers Boon Group (legal).
Acquirer – Deloitte (corporate finance); Hogan Lovells (legal).

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