Next Wave acquires Molinare

The deal takes the company out of pre-pack administration, safeguarding 150 jobs. Former CEO Steve Milne is also reported to have contributed to the investment.

The acquisition will support the further growth of the company both domestically and internationally.

Next Wave backs SMEs based in the UK, the Nordic countries and Northern Europe with equity investments of £2-10m.

Company
Established almost 40 years ago, Molinare is a film and TV post-production firm based in 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.

People
Steve Milne returned to the company as executive chairman as part of the transaction and appointed Julie Parmenter as managing director. Jonathan Brod and Dean MacKenzie from Next Wave will join the Molinare board as non-executive directors.

Advisers
Equity – Macfarlanes (Legal); Davenport Lyons (Legal); PricewaterhouseCoopers (Financial due diligence).

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