) has bases in most of those cities and extend the combined companies’ reach to additional markets including Atlanta, San Francisco and Melbourne. Company 3, Method and its sister companies were Deluxe Entertainment Services brands until last summer, when Deluxe, sans its creative businesses, was acquired by Platinum Equity; Deluxe had previously filed for Chapter 11 in late 2019.I have felt, and this is pre-COVID, we needed to change. You can never stand still.
That lead me to being introduced a few years before to [Company 3 head, co-founder and colorist] Stefan Sonnenfield. One of the comments [when the Company 3 deal was announced] is “we’re very different,” and people go “I shall never put the two of you together.’ You know what I mean? We’ve become great buddies and have a lot respect. Lots of things we have different views on, but quite often come to the same conclusion from a different angle.
I’m not a Hollywood person, I’m not based in Los Angeles. I thought if I am going to evolve, I need to evolve with an eye on that part of the world.With the Chapter 11 last year and Stefan taking over the company, it was clear to me that the banks would dispose of the business because they’re not in the business of owning visual effects houses. I was entirely aware that there was window which would at some point close.
Let's clarify the new Framestore ownership structure. Your company had been majority owned by Cultural Investment Holdings in China with the management team holding a minority stake. Basically what I've done is not taken any debt into the company. I've taken equity because as you know I don't like debt as a rule and I don't mind a small amount to oil the wheels but I don't like it as a way of life, so we brought on board some financial partners who I've known for a number of years. We now have Aleph Capital and Crestview Partners. So basically Capital Investment Holdings switched to being a minority partner when these new investors came on.
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