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H.I.G. Capital Announces Acquisition of Laser Pacific
Investment Supports Expansion of Telecorps' Coast to Coast Service Offerings in Post Production
MIAMI - April 7, 2010 - H.I.G. Capital, LLC, a leading global private equity investment firm, today announced that one of its portfolio companies acquired the assets and operations of Hollywood-based Laser-Pacific Media Corporation, a six-time Emmy Award winning post-production facility and subsidiary of Eastman Kodak Company.
Throughout its twenty year history, Laser Pacific has made invaluable contributions to the field of post-production and is the latest addition for H.I.G. Capital to an expanding group of production and post-production companies which includes Wexler Video, LLC, PostWorks New York, LLC, Orbit Digital California, LLC, Hula Post Production, Inc. and Coffey Sound, LLC, all part of the Telecorps Holdings, Inc. family of companies. This consortium makes Telecorps the leader in production and post-production equipment rental, post-production finishing and other related services to the broadcast, cable, and feature film industries in Los Angeles and New York.
Laser Pacific's distinguished history includes involvement in an array of projects, including AMC's hit series Mad Men, ABC Family's The Secret Life of the American Teenager, and HBO's comedy series, Eastbound and Down. Feature film work includes Paramount's paranormal romance Twilight, Fox's Alvin and the Chipmunks: The Squeakquel, and Warner Bros.' comedy Cop Out.
Bill Roberts who had previously served as CFO will take over the role of COO under the new management. Randy Blim, who holds three technical Emmy awards including two for the development of 24p video, will continue to serve as the CTO for Laser Pacific while also taking a broader role as the CTO of Telecorps.
Response to the acquisition among Telecorps employees and customers has been overwhelmingly positive. David Rosen, Chairman of Telecorps, stated that "the addition of Laser Pacific's business to our growing family of companies completes our service offerings from coast to coast."
"Laser Pacific, with its renowned technical expertise and decades of post-production experience, is a welcome addition to our platform of companies", said Elliot Maluth, Managing Director of H.I.G. Capital's San Francisco office. "As the production and post-production marketplace strengthens, Laser Pacific further improves our position as one of the leading service providers in this market."
Chris Thompson, CEO of Telecorps, observed, "Laser Pacific substantially increases our finishing capabilities on the west coast and extends our leadership in providing innovative end-to-end solutions to content producers throughout the world."
About Laser Pacific
For more than twenty years, Laser Pacific has played a pivotal role in the introduction of revolutionary technologies for the most demanding customers in the Hollywood creative community. Consistently winning awards and gaining recognition as a leader in providing seamless post-production solutions to the entertainment industry, Laser Pacific pioneered many of the post-production technologies that have become industry standards. Laser Pacific was built on a visionary and thoroughly unique approach to the post-production process which integrates end-to-end solutions, leading edge technologies, and immensely talented personnel. The workflow models developed at Laser Pacific continue to define how entertainment is finished. For more information contact Bill Roberts at (323) 462-6266.
As the parent company of Wexler Video, PostWorks, Orbit Digital, Hula Post Production and Coffey Sound, Telecorps is a leader in production and post-production equipment rental and related services to the broadcast, cable, and feature film industries. With multiple offices in Los Angeles and New York, the Telecorps family of companies combines cutting-edge technology with world-class engineering and superior customer service. Each of the Telecorps companies create custom, cost-effective workflows for a wide range of programming, including Emmy Award-winning series "30 Rock", "Extreme Makeover: Home Edition", and celebrated films like "Avatar" and "The Da Vinci Code". Wexler, PostWorks, Orbit, Hula Post Production and Coffey Sound are dedicated to delivering best-in-class customer service and setting the standard for innovative end-to-end solutions worldwide. For more information, please contact Jennifer Toney, Sales & Marketing Manager, at (818) 846-9381 ext 385.
About H.I.G. Capital
H.I.G. Capital is a leading global private equity investment firm with more than $7.5 billion of equity capital under management. Based in Miami, and with offices in San Francisco, Atlanta, Boston, and New York in the U.S., as well as affiliate offices in London, Hamburg and Paris in Europe, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well-managed service or manufacturing businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm's current portfolio includes companies with combined revenues in excess of $8 billion. For more information, please refer to the H.I.G. website at www.higcapital.com