11 Dec 2017 07:00
Press Release
FFI HOLDINGS PLC ACQUIRES SPECIALIST POST-PRODUCTION COMPANY BUFF DUBS PTY. LTD.
London, 11th December 2017 - FFI Holdings PLC (AIM: FFI), the world leader in the provision of completion contracts to the entertainment industry for films, television, mini-series and streaming product, announces today that it has acquired Buff Dubs Pty. Ltd. ("Buff Dubs"), one of Australia's most innovative post-production services companies with technology leadership in encoding, transcoding, media duplication and mastering.
Today's acquisition, which follows the signing of a Letter of Intent between the two companies in September 2017, is FFI's third this year in post-production services and follows the purchase of Pivotal Post (February 2017) and EPS-Cineworks (November 2017). Collectively, these acquisitions are key milestones in FFI leveraging its core completion contract business into a broader ancillary service business in order to serve the growing needs of its customers.
Headquartered in New South Wales, Australia, Buff Dubs was founded in 2005 and has grown quickly through its ability to process media content of any description and transform, reproduce and aggregate it in the various formats demanded by its clients. This has helped Buff Dubs to secure preferred provider and vendor status with some of the world's leading media platforms, including Netflix, Apple and Google, as well as gaming platforms including PlayStation and Xbox.
In the trailing 12 months, Buff Dubs generated A$4.3 million in revenues and EBITDA of A$881,000. FFI is purchasing 100% of Buff Dubs on an instalment basis, with an initial payment of A$1.65 million in cash followed by 5 annual payments of 12.5% of Buff Dub's EBITDA at a 4 times multiple. The purchase will be funded by a combination of IPO proceeds and internally generated cash. The current management and Directors of Buff Dubs will remain in place and shall continue to oversee the operations and growth of the company.
Commenting on today's acquisition, Steven Ransohoff, CEO of FFI Holdings, said: "2017 has seen FFI make a concerted expansion into post-production services as we broaden our business to serve the wider needs of our entertainment industry clients. As with Pivotal Post and EPS-Cineworks, Buff Dubs brings valuable expertise and customer relationships to FFI. Buff Dubs' vendor relationships across consumer media platforms such as Netflix, Apple and Google are particularly exciting opportunities for FFI as we help our clients reach new audiences with their content."
Additional information on Buff Dubs can be found at www.buffdubs.com
About FFI Holdings PLC
FFI Holdings PLC (AIM: FFI) is the holding company of Film Finances Inc. ("FFI"), the world's leading provider of completion contracts to the entertainment industry, which offer assurance to the financiers of film, TV, mini-series and online media content that productions will be completed on time and on budget. These contracts serve to offload risks to production budgets and timelines for financiers, as well as for FFI through long-standing insurance relationships.
Since its founding in the 1950s, FFI has issued contracts on approximately 1,700 productions with gross budgets in excess of US$17 billion. These include many of the film industry's best known-titles, ranging from the first Bond movie (Dr. No, 1962) to The Hunger Games (2012) and Oscar winning films such as 12 Years a Slave (2013) and La-La Land (2016).
FFI is also a fast-growing global provider of post-production equipment and services for the entertainment industry. FFI entered this business in February 2017 through the acquisition of Pivotal Post and consolidated its position in this market further through the purchase of EPS-Cineworks Digital Studios in November 2017.
Over successive decades FFI has grown globally to become a trusted, iconic brand at the centre of the film industry. Headquartered in Los Angeles, USA, it has 11 offices globally, including in London, Stockholm, Toronto, New York, Cape Town, Cologne and Shanghai.
ENQUIRIES:
Hawthorn Advisors (Public Relations) FFI Holdings PLC
Andrew Orchard David Sasso, Head of Investor Relations
Victoria Ainsworth +1 310 275 7323
+44 (0) 20 3745 4960
Liberum (Nominated Adviser and Corporate Broker)
Steve Pearce
Joshua Hughes
+44 (0) 3100 2000