Silver Lake Management, the largest technology-focused private equity firm, agreed to buy Cast & Crew Entertainment Services from ZM Capital.
The investment values the Burbank, California-based company at $700 million including debt, according to a person with knowledge of the matter who asked not to be identified because the information is private.
Cast & Crew provides payroll, production accounting and other services to clients in the entertainment industry. It has 10 offices in North America and one in London, which it opened in 2013, according to the company’s website.
“Silver Lake’s technology expertise and entertainment industry understanding position them as the ideal strategic partner for our company,” Eric Belcher, Cast & Crew’s chief executive officer, said in a statement Monday.
The deal is the latest venture into the entertainment industry for Silver Lake, which has invested in such companies as Alibaba Group Holding Ltd., Dell Inc., and Skype. In 2012, the firm announced a strategic partnership with William Morris Endeavor Entertainment LLC, the global talent agency. Together, the two firms bought WME competitor IMG Worldwide Inc. in 2014.
“The deal was a very good outcome for all parties involved and we are excited about the company’s future prospects,” Jordan Turkewitz, a partner at ZM Capital, said in an e-mailed statement. The private equity firm, which led a group of investors to acquire Cast & Crew in 2012, specializes in investing in entertainment and media companies.