Cast & Crew Entertainment Services, which offers technology-enabled payroll and production management services to the entertainment industry, has signed a definitive agreement to acquire CAPS Payroll, a payroll provider spanning multiple entertainment end markets including commercial production, venues, music tours, live events, unscripted television and independent film.
Silver Lake, the global technology investing firm and controlling shareholder of Cast & Crew, 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 mid-2015, the company has made significant investments with an eye towards the digital future, including the release of new and advanced digital workflow solutions, the acquisition of screenwriting software leader Final Draft, Inc. and now the addition of CAPS, itself a technology pioneer in the entertainment subsectors it serves.
Providing clients with a diverse portfolio of technology-enabled services, Cast & Crew is a partner to major and independent film and television studios. Its capabilities include entertainment payroll and residuals processing; products such as its PSL production accounting software; workers’ compensation programs; and financial services such as production incentive consulting and administration. Cast & Crew is celebrating its 40th anniversary this year.
CAPS, a portfolio company of Uni-World Capital, also has a rich 25-year history and provides end-to-end production payroll and accounting solutions for clients of all sizes. The company brings particular expertise in commercial production, venues, music tours, live events, unscripted television and independent film, and is known for its technology innovation and strong commitment to customer service. CAPS’ headquarters are in Culver City, California, and the company has a strong employee base across multiple locations in the U.S. and India.
“Cast & Crew and CAPS are an ideal fit, with complementary client bases, compatible technology portfolios and consistent corporate cultures,” said Eric Belcher, president and CEO of Cast & Crew. “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.”
Doug Sylvester, CEO of CAPS, noted that Cast & Crew and CAPS management are aligned with respect to the combined company strategy. “We are delighted to join an organization with exceptional relationships and expertise in the entertainment industry, a deep commitment to customer service and a clear vision of where the market is going,” he said. “Cast & Crew has a wonderful reputation with clients and employees alike, and we look forward to becoming part of the team.”
“Silver Lake’s mission is to invest behind the growth of technology leaders like Cast & Crew,” added Joe Osnoss, managing director at Silver Lake. “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.”
Chris Fuller, managing partner of Uni-World Capital, noted: “We partnered with CAPS co-founder Eric Capogrosso in May 2011 to accelerate the growth of CAPS and enhance its strategic position through investments in technology and people to help take the business to the next level. 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.”
Cast & Crew was advised by the law firm of Kirkland & Ellis LLP.
CAPS was represented by Houlihan Lokey and Kaye Scholer LLP.
Comedic Director Roderick Fenske Joins Yard Dog TV For U.S. Spot Work
Roderick Fenske, the award-winning agency copywriter/creative director turned comedic director of commercials and films, has joined Yard Dog TV for U.S. representation.
Fenske--known for his idiosyncratic casting, stylish art direction, and blend of practical and digital effects--saw his newest commercial work, for Drink Weird Ice Tea, break earlier this month. His most recent short film, I’m Dead, You’re Welcome, starring JR Russell, Taissa Zveiter, Sandy Eels, and Julia Lorpriore, is making the rounds of film festivals now, having won Best Comedy Short at the Flagstaff International Film Festival last month.
Fenske, who started out in the business as a copywriter, is one of a select group of agency creatives to have found success in both New York and London, where his last post was as a creative director at TBWA there. “I owe so much of my career to Trevor Beattie [TBWA London chairman/creative director at the time], because he believed in me and started my career directing commercials,” said Fenske, citing work for Sony PlayStation, French Connection UK, and Channel 5.
Those spots led to an invitation to become a member of the visionary Swedish film collective known as ACNE. “I learned so much there working in a directing collective. With everybody talking about how to make stuff look stylish and cinematic it was like a film school for me,” Fenske explained. “Production design is so important because humor can be much more unexpected when you have an elevated look.”
Over the course of his career, Fenske’s work has received many international awards from shows including the Cannes Lions, British D&AD, and AICP. He moved from London to Los Angeles, and during this time he met Yard Dog... Read More