Pacific Title, an institution in the Hollywood optical and post-production world for 75 years, has been acquired through a joint partnership of technology companies Mirage Entertainment Sciences and Safeguard Scientifics.
Pacific Title had been controlled by a single family since its founding in 1919 by optical effects pioneer Leon Schlessinger.
The renamed Pacific Title/Mirage will continue its traditional business of opticals and titles, but will now move more aggressively into two- and three-dimensional computer digital images and effects business, according to Michael Rosenblatt and Ivan Gulas, co-chairmen of Mirage, a venture technology company based in Newton, Mass.
“We’re going to broaden what they do, specifically Mirage is adding a 3-D digital effects capability,” said Rosenblatt. Mirage will bring exclusive use of proprietary computer graphics technology, notably modeling animation software that is intended to make photorealistic animated characters appear more lifelike.
Pacific Digital, the CG arm of Pacific Title, is included in the acquisition, said Rosenblatt, and will serve as the base for expansion under the new management.
Safeguard Scientifics and Mirage Technologies bring cutting edge software/hardware technologies, significant funding, high-end graphics and production talents and a seasoned management team, said Gulas, in a statement.
“In view of the changing business environment, the other directors of Pacific Title and I have decided that the future well-being of the company will be best assured by embracing the new Mirage/Safeguard venture,” said Peter Hubbard, president of Pacific Title, and grandson of first company president, Larry Glickman.
Hubbard will step down as president, but will stay on the company’s payroll for 12 months as a consultant to assist with the transition. A new president and CEO will be announced in a week to 10 days, said Rosenblatt.
Phil Feiner, also a member of the Pacific Title founding family, will stay as president of the optical division. Hubbard will remain as president of Pacific Title Archiving, which was not included in the acquisition.
The new owners don’t currently plan any layoffs from Pacific Title’s 120-employee workforce. “We acquired the company and its employees,” said Rosenblatt. “Our intention is to keep the employee base and grow.”
Rosenblatt is no stranger to Hollywood. In 1975, he founded Atlantic Entertainment Group, where he exec produced numerous features, including early Nicolas Cage hit “Valley Girl” and Michael J. Fox starrer “Teen Wolf.”
Terms of the acquisition were not released.
Pacific Title’s venerable history includes film credits on many of Hollywood’s greatest classics to “Star Wars” and the upcoming “Titanic.”
Safeguard Scientifics, a public $2 billion technology-oriented venture capital investment firm, is headquartered in Wayne, Penn..