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FFI Holdings Acquires Australian Post-Production Services Firm.

M2 EQUITYBITES-December 19, 2017-FFI Holdings Acquires Australian Post-Production Services Firm


19 December 2017 - UK-based entertainment industry completion contracts provider FFI Holdings plc (AIM: FFI) has acquired Australian post-production services firm Buff Dubs Pty. Ltd., the company said.

Buff Dubs offers encoding, transcoding, media duplication and mastering.

This acquisition, which follows the signing of a letter of intent between the two companies in September 2017, is FFI's third this year in post-production services and follows the purchase of Pivotal Post (February 2017) and EPS-Cineworks (November 2017).

Collectively, these acquisitions are key milestones in FFI leveraging its core completion contract business into a broader ancillary service business in order to serve the growing needs of its customers.

Headquartered in New South Wales, Australia, Buff Dubs was founded in 2005 and has grown quickly through its ability to process media content of any description and transform, reproduce and aggregate it in the various formats demanded by its clients.

This has helped Buff Dubs to secure preferred provider and vendor status with some of the world's leading media platforms, including Netflix, Apple and Google, as well as gaming platforms including PlayStation and Xbox.

In the trailing 12 months, Buff Dubs generated AUD 4.3m in revenues and EBITDA of AUD 881,000. FFI is purchasing 100% of Buff Dubs on an instalment basis, with an initial payment of AUD 1.65m (USD 1.27m) in cash followed by five annual payments of 12.5% of Buff Dub's EBITDA at a four times multiple.

The purchase will be funded by a combination of IPO proceeds and internally generated cash. The current management and directors of Buff Dubs will remain in place and shall continue to oversee the operations and growth of the company.

FFI Holdings is the holding company of Film Finances Inc., a provider of completion contracts to the entertainment industry, which offer assurance to the financiers of film, TV, mini-series and online media content that productions will be completed on time and on budget.

These contracts serve to offload risks to production budgets and timelines for financiers, as well as for FFI through long-standing insurance relationships.

Since its founding in the 1950s, FFI has issued contracts on approximately 1,700 productions with gross budgets in excess of USD17 bn. These include many of the film industry's best known-titles, ranging from the first Bond movie (Dr. No, 1962) to The Hunger Games and Oscar winning films such as 12 Years a Slave and La-La Land.

FFI is also a global provider of post-production equipment and services for the entertainment industry. FFI entered this business in February 2017 through the acquisition of Pivotal Post and consolidated its position in this market further through the purchase of EPS-Cineworks Digital Studios in November 2017.

Over successive decades FFI has grown globally to become a trusted, iconic brand at the centre of the film industry. Headquartered in Los Angeles, USA, it has 11 offices globally, including in London, Stockholm, Toronto, New York, Cape Town, Cologne and Shanghai.

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Publication:M2 EquityBites (EQB)
Date:Dec 19, 2017
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