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Home / Fayette County / Fayetteville / PInewood Group looks to sell for $426 million

PInewood Group looks to sell for $426 million

Fri, 07/29/2016 - 2:52pm Ben Nelms

British-based Pinewood Group in a July 28 release said it reached a takeover agreement with property investment firm Venus Grafton for approximately $426 million. That said, business at Pinewood Atlanta Studios in Fayetteville will continue as usual.

A July 28 release by Pinewood Group said, “The Pinewood Board is pleased to confirm the progress of this strategic review process and announces that it has reached agreement with Venus Grafton Sarl (“Venus Grafton”), an indirect wholly-owned subsidiary of PW Real Estate Fund III LP (“PW Fund III”), on the key terms of a possible cash offer for Pinewood by Venus Grafton or one of its direct or indirect wholly-owned subsidiaries (“Bidco”) (the “Possible Offer”) which, if made, the Pinewood Board intends to recommend to Pinewood shareholders (subject to reaching agreement on standard terms and conditions customary for a firm offer of this nature).”

The stated price was approximately $426 million.

As for what the sale would mean for Pinewood Atlanta Studios, Pinewood Atlanta Vice President for Operations Brian Cooper said there will be no change, adding that it will be “business as usual” at the Fayetteville studio.

“Pinewood has grown in recent years into a global operation which sits at the forefront of the U.K.’s creative industries. We believe that we have found the right partner for the business, and one that shares our long-term vision for the future of the group,” Pinewood CEO Ivan Dunleavy said on July 28. “Pinewood’s continuing commitment to the U.K.’s creative industries remains as strong as ever. Staff and customers can be assured that in this new strategic partnership our priority will be to not only maintain, but build on the world-class provision of services.”

It was earlier this year that Pinewood announced that N.M. Rothschild and Sons would assist with a strategic review of Pinewood’s capital base and structure.

The background to the strategic review was that the company’s shareholder register has been tightly held for a number of years, which has stifled liquidity in the company’s shares and prevented the company from obtaining a main market listing. The board also recognized the requirement for a future funding strategy to be in place in order to build on Pinewood’s successes to date, according to Pinewood Group in the July 28 news release.

Two companies currently own 65 percent of Pinewood stock. Those include Goodweather Investment Ltd at 39 percent and Warren James Holdings Ltd at 26 percent.

Location: 
Fayetteville

Comments

darrylwd's picture
darrylwd wrote on Sat, 07/30/2016 - 2:58pm
WHAT????
Newsboy's picture
Newsboy wrote on Sat, 07/30/2016 - 9:39pm
WHAT .... WHAT?! Read the story Einstien. Pinewood Studio's London based parent company has made shares of the (once closely held)! company available to a new investment group to provide needed cash for expansion. This is how BIG BUSINESS operates. But of course, drive by idiots to the Citizen web site will see this headline and go "Pinewood Fayette County has been sold and is closing! TOLD YOU SO!" Just because you're stupid enough to believe anything you read or hear  (like Donald Trump followers) doesn't make it true.      
southsidemike wrote on Sat, 07/30/2016 - 10:25pm
All that from one word? Impressive.
moelarrycurly wrote on Sat, 07/30/2016 - 11:30pm
ssmike   No kidding.  Cruz lover. 
Spyglass wrote on Sun, 07/31/2016 - 9:41am
Agree, lots of clueless on display on this thread.  
JessieJames1847's picture
JessieJames1847 wrote on Sat, 07/30/2016 - 10:44pm
Newsboy IF and please consider that word IF at 72 Font size.... IF the American Voters were EDUCATED this sell would be glorious news, IF the American VOTER were EDUCATED neither the Democrat nor Republican parties would exist in current form,,, IF ..... that little word is just as menacing as the word IS....... What makes all of this More the Pity is a complex word ,,,CONSTITUTION ,,that government has successfully obliterated from Education (generations ago)
Newsboy's picture
Newsboy wrote on Sun, 07/31/2016 - 12:53am
JESSIE JAMES ... WHAT any of that has to do with one DRIVE BY IDIOT seeing the headline "Pinewood Group Looks to Sell" and freaking out is beyond me. Return to your bottle of bourbon now -- LOL!
JessieJames1847's picture
JessieJames1847 wrote on Sun, 07/31/2016 - 7:53am
Newsboy , really ?? You can't put 1 and 1 together and get somethig other than 11 ? And WHAT'S up with this Bottle crap? No self respecting Train Robber wouldn't get caught with anything less than a Still --- : )
jbcriswell wrote on Sun, 07/31/2016 - 9:05am
Guess Steve Brown will have to give away more tax abatements to get the new owner in to Fayette County.  What is Brown doing to help attract a new owner ?  He continues to cut the budget of the Development Authority and how can the Development Authority attract good business without funds to do so ? I ask everyone to call Brown and ask for him to be more active in seeking good business opportunities for Fayette County. Brown please don't give away all the new tax $$$'s just to get them here as there are services that we must provide to the new businesses. Please remember that Brown approved the spot zoning for PInewood which is now part of the City of Fayetteville.  Brown would probably move to change the name of the City to Pinewoodville. Wait till you see what that area becomes with codo's and apartments and 1000's of people not to mention the traffic. Can you say here comes the HOOD? Aunt Been ain't happy. This ain't Mayberry anymore. I hate the changes that I see coming with poor leadership at the county level and the state level and the National level.
Spyglass wrote on Sun, 07/31/2016 - 9:43am
Did Husband and Father take your lunch money back in the day?  Your inane ramblings are embarrassing, just let it go. 

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