EQT is the latest private equity owner of entertainment industry payroll and HR tech developer Cast & Crew Entertainment Services, after agreeing a buyout from global tech investment major Silver Lake.
The 42-year-old business provides software and services to assist companies and productions working across areas including film, TV, sporting and live events with their accounts, financial, workflow and payroll needs.
EQT said it planned to support the company in its international expansion, initially focused on Europe.
Cast & Crew CEO Eric Belcher said, “We are all proud of what Cast & Crew has achieved in recent years under Silver Lake’s stewardship as our majority shareholder.
“We have built a very strong foundation for the future across software products, value-added services and a very strong employee base focused on customer service and success.
“We are delighted to partner with EQT and leverage its international presence and deep sector expertise within media, technology and services as we move through the next phase of our continued growth.”
EQT chairman and US equity head Morten Hummelmose said, “This is an important transaction for EQT’s large buyout business, as it represents our first transaction in the US in the TMT and Services sectors.
“EQT has a long and successful track record of developing technology companies, and we are confident this will be a great partnership that will benefit Cast & Crew and all of its stakeholders.”
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