Saphir joins Next Wave in Molinare

The investment in Molinare was done through its Luxembourg-regulated Saphir Capital Private Equity Fund.

The investment is designed to provide Molinare, which Saphir believes to have substantial growth potential, with additional resources for new opportunities arising in the post-production market.

Saphir invested roughly an equal amount to Next Wave Partners, which led an MBI in Molinare last June alongside the British Film Company, executive chairman Steve Milne and managing director Julie Parmenter. According to unquote" data, Next Wave usually invests £2-10m of equity. Last summer's transaction saw Next Wave lead an MBI of the business to take it out of a pre-pack administration. Saphir did not use leverage for this latest transaction.

Saphir's headquarters are located in Luxembourg with other offices in London and Hong Kong. The firm focuses on investing €1-10m in businesses headquartered in western Europe.

Company
Established in 1973 as Molinare Sound Services, Molinare is a film and broadcast post-production house based in Soho, London. The company provides services in visual and sound effects, restoration, 2D to 3D conversion, animation, data management and post-production project management.

In 2008, Century Communications of India acquired a majority stake in the company from previous owner and former CEO Steve Milne, who invested in Molinare in 2003 and reportedly exited in 2010. Next Wave went on to acquire the business in 2012.

People
John Penning is the managing director of Saphir. George Pennock, a partner at Saphir, will join the Molinare board as a non-executive director. Jonathon Brod, managing partner of Next Wave and non-executive director of Molinare, led the deal. Dean McKenzie is investment director of Next Wave and non-executive director of Molinare.

Advisers
Equity – Wilson Associates (Legal).

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• Topics
• Expansion
• UK / Ireland
• Next Wave Ventures
• United Kingdom