Payroll and accounting firm Cast & Crew Entertainment Services has been acquired by a private equity firm with a focus on technology investment for a reported $700 million.
Terms of the deal between Cast & Crew, in Burbank, and Silver Lake, in New York were not disclosed. Cast & Crew had been owned by ZM Capital, also in New York.
Entertainment industry trade publication Variety, however, cited an unnamed source that valued the transaction at $700 million
Cast & Crew Chief Executive Eric Belcher said that Silver Lake’s technology expertise makes them an ideal strategic partner.
“We undoubtedly will benefit from Silver Lake’s involvement as we accelerate our investment in technology and as we bring new client-centric digital solutions to market,” Belcher said in a prepared statement.
Silver Lake’s portfolio includes Chinese ecommerce website Alibaba Group Holding Ltd., personal computer company Dell Inc. and website hosting and domain name registration services firm Go Daddy.
Belcher and other senior management will remain with the company and be equity partners in the new ownership structure.
Cast & Crew provided payroll and accounting and other financial services to major and independent film and television studios and live event venues.