The Carlyle Group have sold The Mill, a special effects company, to Barclays Private Equity for £119 million. The transaction closed on 18th April 2011.
The Mill creates video content for global brands and advertising agencies. It specialises in digital visual effects for brand communication. Through its work for advertising agencies, The Mill has created advertisements for brands such as Adidas, AT&T, Audi, Coca-Cola, Direct TV, Ford, IBM, Nike, Unilever, and Verizon.
The Mill has offices in London, New York and Los Angeles. It employs 625 staff. In the year to 31 December 2010, The Mill generated revenues of £74.2m, according to Barclays Private Equity.
Steven Silvester, Director at Barclays Private Equity, commented:
“BPE believes that the changes in the advertising market and the proliferation of the opportunities for brands to interact with their customers via the moving image play to The Mill’s core strengths and provide a very attractive opportunity for the Company.
“The Mill is a leading player in its field and well positioned to capitalise on the emerging market trends. We look forward to assisting The Mill in building on its core strengths in the advertising VFX segment and developing its offering for interactive channels, video gaming and further strengthening its geographical reach with a focus initially on Asia.”
Barclays Private Equity invests in mid-market buyouts typically ranging from €50m to €300m. With €5 billion of committed capital, Barclays Private Equity is currently investing the €2.45 billion Barclays Private Equity Fund III which closed in September 2007.