MANAGEMENT BUY THE MILL FOR £24 MILLION

THE MILL, Europe’s largest film and commercial visual effects facility, have announced that original founders, James Morris, Robin Shenfield and Pat Joseph, have acquired the group in a management buyout worth £24 million.
Venture capital group 3i Plc and the Royal Bank of Scotland will fund the total transaction. British film directors Ridley Scott and Tony Scott, well known for their prolific track records in film and commercials, will strengthen the board in their capacity as co-chairmen.
Robin Shenfield, Group Chief Executive Officer of The Mill, said: “With the support of 3i, we aim to build on the international success of The Mill and accelerate our growth into servicing the creation of advertising content for new media through our new Mill Interactive Lab (MIL) and e-mill offerings. We are delighted to be able to forge ahead with these objectives whilst continuing to maintain the creative independence of The Mill which has been such a critical factor in the company’s success over the last ten years.”
The Mill are a technology-based creative service with a client-base that consists of some of the world’s top advertising agencies. Mill Film have a strong relationship with film studios working on high-profile features such as ‘Tomb Raider’, ‘Harry Potter’ and ‘The Sorcerers Stone’.
Mill Film recently received various accolades for the visual effects work on the most successful movie of last year, ‘Gladiator’, the latest of these being short listed for an Academy Award Oscar for ‘Best Visual Effects’ and a BAFTA nomination.
Dan Adler, Investment Manager at 3i, said: “This is yet another example of 3i’s commitment to the media industry. The Mill is an exciting opportunity to back a highly qualified management team to build on the company’s tremendous track record and take it forward as a major player in the global media industry. We are delighted to be associated with this management team and have the opportunity to share in the exciting future for The Mill. This transaction builds on our strong track record of investing in high profile European media companies, including Pinewood and Shepperton Studios, Magix and MORI.”
The Mill Chairman, James Morris, said: “The relationship with 3i will position The Mill to become the leading world-wide producers of digital content for advertising across all existing, new media and broadband platforms.”
3i have invested over £10 million for a significant equity stake with the balance held by management.
Investing on behalf of 3i was Dan Adler and Chris Graham. James Docherty, on behalf of Royal Bank of Scotland, provided senior debt. (CMcL)