HSBC’s private equity unit invests in Indian post-production firm
HSBC Principal Investments has agreed to pay $60 million for a minority interest in Avitel Post Studioz, a Mumbai-based post-production company serving the media and entertainment industries.
The company, which offers a range of post-production services including film archiving and restoration, stereoscopy and animation, will spend the capital on international expansion. It already has a presence in Europe and the Middle East and will use HSBC's global coverage to reach out to more international clientele.
In June 2010, HSBC Private Equity Asia made a $10.8 million investment in Avitel from its $700 million HSBC Asian Ventures Fund 3. Shortly afterwards, HSBC Private Equity Asia was spun out, becoming Headland Capital Partners. HSBC retained a 19.9% stake in the business and was expected to participate in Headland's funds as an LP.
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