Australia’s PEP sells Hoyts Distribution to Studiocanal
Pacific Equity Partners (PEP) has exited Hoyts Distribution, the largest independent film distributor in Australia and New Zealand, to European film giant Studiocanal. The private equity retains other Hoyts Group assets, including cinema operator Hoyts Exhibition, cinema advertising provider Val Morgan, and DVD rental machine network Oovie.
Studiocanal confirmed that it had acquired 100% of Hoyts Distribution, but it didn't specify the price. According to AVCJ Research, PEP paid $440 million for the entire Hoyts Group in 2007 and has since supported it in several roll-up acquisitions of smaller cinema chains.
While Hoyts Exhibition managers more than 450 screens across 44 cinema complexes in Australia and a further 11 in New Zealand, Hoyts Distribution has the regional distribution rights for a library of more than 120 titles that are shown in cinemas as well as on television and home entertainment channels. The library includes four films from the SAW series and the entire Twilight franchise.
We are very happy to develop direct operations in Australia, one of the most dynamic markets in the world, with the very experienced and talented team of Hoyts, led by Robert Slaviero. We believe there are strong opportunities in this territory for our films," said Olivier Courson, chairman and CEO of Studiocanal.
The European company is a leading player in the co-production, acquisition, distribution and sale of international feature films, with operations in France, Germany and the UK. Forthcoming features range from the Coen Brothers' Inside Llewyn Davis to Paddington, a film about the eponymous bear.
Berenson & Company acted as financial advisor to The Hoyts Corporation in the transaction.
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