BoI enters movie arena with visual effects deal
Bank of Ireland has helped to fund the £119m (€135m) acquisition of a UK-based visual effects firm that won an Oscar for work on the Ridley Scott blockbuster 'Gladiator' in 2001 and has also worked on a promotional video for Irish singer Imelda May.
The Mill has been acquired by Barclays Private Equity, which has bought the business from the US-based Carlyle Group -- one of the private equity firms that had been interested in buying EBS.
Bank of Ireland, Lloyds and GE Capital have stumped up debt for Barclays Private Equity to secure the purchase of The Mill, whose clients also include companies such as Sony, Adidas, AT&T, Nike and Ford.
The London-based firm also won a BAFTA for its work on BBC's 'Doctor Who'.
Funding from the transaction will be used for continued growth and expansion into related fields such as digital advertising, as well as to penetrate new markets such as Asia and South America.
Private equity firm 3i bought into The Mill in 2001 as part of a management buyout and then sold it on in 2007 to the Carlyle Group in a deal that valued it at £50m (€57m).
Accounts for The Mill's holding company, Mill Acquisitions 1, show that it made a pre-exceptional profit of £12.6m (€14.3m) in 2010, up from £6.8m a year earlier, on turnover of £74.2m (€84.5m), which was higher than the £52.8m (€60m) in revenue recorded in 2009.
Established in 1990, The Mill has offices in LA and New York.