Continuing its expansion, Cast & Crew Entertainment Services has acquired payroll provider CAPS Payroll for an undisclosed price, Variety has learned exclusively.
“Cast & Crew and CAPS are an ideal fit, with complementary client bases, compatible technology portfolios and consistent corporate cultures,” said Cast & Crew President and CEO Eric Belcher. “This combination will offer clients the industry’s best suite of technology-enabled solutions and expand support, training and career opportunities for employees of both companies.”
CAPS — a portfolio company of Uni-World Capital — provides services in multiple entertainment markets, including commercial production, venues, music tours, live events, unscripted television and independent film. It is headquartered in Culver City with multiple locations in the U.S. and India.
Chris Fuller, managing partner of Uni-World Capital, said his company partnered with CAPS co-founder Eric Capogrosso in 2011 to accelerate the growth of CAPS and enhance its strategic position through investments in technology. “Those efforts were quite successful, and I am pleased to see CAPS now joining the Cast & Crew family, where CAPS will be optimally positioned to continue to thrive,” he added.
Silver Lake, the controlling shareholder of Cast & Crew, said it is committing “substantial” additional equity to fund the acquisition and support Cast & Crew’s continued growth. Since Silver Lake’s acquisition of Cast & Crew in July, the company has accelerated investments to strategically align the company for the digital future of the industry.
Cast & Crew touts itself as the premier provider of technology-enabled payroll and production-management services to the entertainment industry. Services include payroll processing, residuals processing, workers’ compensation services, labor relations, production incentives and production tax credit financing.
In February, Cast & Crew acquired screenwriting software leader Final Draft for an undisclosed price.
“Silver Lake’s mission is to invest behind the growth of technology leaders like Cast & Crew,” added Silver Lake Managing Director Joe Osnoss. “We are enthusiastic about the compelling combination with CAPS, and our follow-on equity investment underscores our confidence in what this platform can offer to the dynamic media and entertainment marketplace.”
Cast & Crew was acquired from ZM Capital in July by Silver Lake Partners, which counts William Morris Endeavor/IMG Worldwide in its $26 billion portfolio.
Cast & Crew was advised by the law firm of Kirkland & Ellis LLP. CAPS was represented by Houlihan Lokey and Kaye Scholer LLP.