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Westar Sells Portfolio Company to Ascent Media Group
November 2004
Santa Monica CA — Ascent Media Group, Inc. (AMG)
announced the acquisition of Cinetech, Inc., the market
leader in motion picture restoration, protection and
preservation services.
FocalPoint served as financial advisor
to Cinetech, a portfolio company of Westar Capital,
LLC.
Since its founding in 1990 by President Sean Coughlin,
Cinetech has built a reputation for excellence in service
and technical innovation working with the leading creators
and owners of filmed content. Through this acquisition,
and in combination with its existing laboratory facilities
in Burbank, California and London, England, AMG is positioned
as the worldwide leader in preservation and restoration
services. As content creators seek to extend the life
of new products and as legacy film libraries consolidate,
restoration and preservation is increasingly vital for
studios to extend and maximize their content through
ever-expanding distribution channels. In addition, AMG
will provide the support and resources to help Mr. Coughlin
expand his Digital Imaging business initiative on a
broader scale.
“Cinetech brings its world-class reputation, patented
workflows and technologies to further enhance Ascent
Media’s position as the leading global services
provider to the media and entertainment industry,”
said Ken Williams, President and Chief Executive Officer,
Ascent Media Group. “This acquisition is an important
component of our strategy to provide a fully integrated
film restoration and asset protection solution to our
customers.”
“We are delighted to be joining the team at AMG,”
added Coughlin. “Ascent Media’s global reach
and market position, combined with Cinetech’s expertise,
create a powerhouse of restoration and preservation
services for the feature film, television and home entertainment
industry.”
Michel Glouchevitch, Managing Director of Westar, said,
“We are sad to end our formal relationship with
Sean Coughlin and Cinetech, but believe Ascent is a
great fit for him and the entire organization.”
“While we had significant interest from other strategic
buyers, Ascent really recognized the potential of Cinetech,”
noted Duane K. Stullich, managing Director and Co-Founder
of FocalPoint.
About Westar Capital LLC
Westar Capital LLC is a private investment firm established
in 1987 that provides capital to acquire established
growth companies in partnership with management. In
special situations, Westar also provides equity financing
for corporate expansion, restructurings or acquisitions
and will purchase significant equity positions from
large shareholders seeking liquidity.
About Ascent Media Group
Ascent Media Group, Inc., a wholly owned subsidiary
of Liberty Media Corporation (NYSE: L, LMC.B), provides
creative and technical services to the media and entertainment
industries through its Creative Services, Creative Sound
Services, Media Management Services and Networks Services
groups. At more than 70 facilities in the regions of
Southern California, New York, Atlanta, London and Singapore
and at locations throughout the world, Ascent Media
Group provides effective solutions for the creation,
management and distribution of content to major motion
picture studios, independent producers, broadcast networks,
cable channels, advertising agencies and other companies
that produce, own and/or distribute entertainment, news,
sports, corporate, educational, industrial and advertising
content.
About FocalPoint
FocalPoint is an independent investment
bank, specializing in mergers and acquisitions, raising
capital (both debt and equity), and financial restructurings.
The firm’s primary focus is on middle-market companies
headquartered in the United States, operating with revenues
between $5 million and $250 million in a diverse range
of industries. FocalPoint is managed by
seasoned veterans with backgrounds in law, public accounting,
senior lending, private equity and investment banking
at leading national and international firms. The firm’s
goal is to provide unbiased, innovative financial advice
by taking the time to truly understand the needs of
its clients and then devising a strategy that best fits
those objectives.
Please feel free to contact Duane Stullich at (310) 405-7070 with any questions about this transaction.
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