 >Press Releases
Naarden, The Netherlands, 16 November 2009
CYRTE LAUNCHES AFRICA TMT FUND
Following the launch of the Brazilian Telecom Fund in late 2007, Cyrte Investments is today launching its Africa TMT Fund. The fund, which is only open to institutional investors, specialises in investments within the African Telecom, Media and Technology Sectors and has a long-term focus. Equity stakes will be taken in both listed and private companies.
Through its Global TMT Fund, Cyrte already has many years of experience investing in companies with their roots in Africa. Various structural developments within and around that continent suggest that the time is right for a dedicated Africa TMT Fund. Among these developments are the ongoing process of political liberalisation and a strong increase in the interactions between African regions and large countries such as China, India, Russia and Brazil. Another relevant development is the roll-out of new technologies such as mobile telephony and the internet, which is increasing the mobility of the population as well as the transparency of economic activity. As a result, entirely new markets are emerging.
It is in line with Cyrte’s TMT philosophy to start investing at the time that the implementation phase of new technologies moves into the next phase of practical application. In the two years of its existence Cyrte’s Brazilian Telecom Fund has grown into one of the largest funds in the world with a specific focus on the development of TMT-related companies. Cyrte identified that the time of moving into the application phase has come for the aforementioned sectors in Africa.
Frank Botman, CEO of Cyrte: "Last year we already noted that Africa was on the eve of a TMT revolution. All that was needed to get things going was the roll-out of undersea cable systems linking countries in Africa with each other, to replace expensive satellite connections. Currently, three African undersea networks are ready: Seacom, TEAMs and GLO1. This means that Africa is no longer isolated, and is now fully integrated into the global optical fibre network. This will create numerous new opportunities for African consumers and producers. In our opinion this marks the start of the application phase."
Cyrte expects that the developments in Africa will in many respects be a carbon copy of what other continents have shown. Nevertheless, issues such as illiteracy and the scarcity of electricity in various regions will remain substantive obstacles to the broad adoption of the internet. On the other hand, this is precisely why Africa promises to be a seedbed of many unique applications such as mobile telephones without display or devices with a built-in solar panel, to mention but a few of the endless possibilities. The fact is that the TMT revolution has now started for Africa.
Naarden/ Nieuwegein, The Netherlands, 24 April 2009
Cyrte Investments acquires bol.com, the leading Dutch online
media and entertainment retailer
Cyrte Investments is pleased to announce the acquisition of bol.com, the leading online Dutch retailer, from German based Holtzbrinck Networks GmbH and Verlagsgruppe Weltbild GmbH.
With over 80 million visitors last year, bol.com is the leading online book and media retailer in the Netherlands with number one market positions in various product categories in the fast growing online retail market. The current product offering includes books, CDs, DVDs, games, and a wide range of consumer electronics. Over 2 million customers buy regularly at bol.com and this number is increasing rapidly. In previous years bol.com received many retail and consumer awards. Most recently the company was awarded ‘Best Online Store of the Netherlands’. In a recent survey, bol.com was also rated as one of the top 5 most customer friendly companies in the Netherlands.
The company generated revenues of around €224m in 2008, selling more than 11 million products, and employs 240 people in its office in Nieuwegein, The Netherlands.
Commenting on the transaction, Frank Botman, Chief Executive of Cyrte Investments said: “Cyrte Investments is delighted to be able to support bol.com management and staff who have done a tremendous job in creating one of the most outstanding Dutch companies over the last 10 years. Bol.com is one of the best known and strongest consumer brands in the Netherlands and Cyrte Investments believes the company is well-positioned to continue its growth path. There are still many opportunities for expansion and improvement of the bol.com offering for its millions of customers and we are excited that – through this acquisition – we have the opportunity to fully support the bol.com team in this.”
Daniel Ropers, Managing Director of bol.com said: “We are happy to welcome Cyrte Investments as new shareholder of bol.com. Cyrte Investments is a Netherlands based private equity investor with experience in the Dutch market and in the media space. Therefore we believe Cyrte Investments is the ideal partner to support bol.com through our next stage of development and growth. We are excited to continue, with their help, our successful journey to become the best retailer for books, entertainment and electronics in the Netherlands.”
The acquisition will be made by Flevo Deelnemingen I BV, a Cyrte Investments owned investment vehicle. The transaction is subject to approvals from the relevant antitrust authorities which are expected to be received in the coming months.
Goldman Sachs acted as financial advisor and Loyens & Loeff acted as legal advisor to Cyrte Investments in connection with the transaction.
Amsterdam, The Netherlands, 27 November 2008
Parts Bidco Limited announces its plans to acquire RDF Media Group plc
Cash offer £52.0 million
Parts Bidco Limited (“Parts”), a consortium formed by Cyrte Investments B.V. (“Cyrte”), and certain members of RDF Media Group plc (“RDF”) management team are pleased to announce that they have agreed terms on a recommended cash offer for leading UK independent TV production company RDF. The £52.0 million offer is being made by way of Scheme of Arrangement.
RDF is a group of companies that creates, acquires and distributes compelling television content, mainly in the factual, entertainment, drama and children's programming genres. It was founded in 1993 by CEO David Frank and listed on AIM in May 2005. Leading productions include Wife Swap, Location, Location, Location, Shipwrecked, and Don’t Forget the Lyrics. RDF currently employs approximately 500 people worldwide and has offices in London, Glasgow, Cardiff and Bristol in the UK and Santa Monica and New York City in the USA.
For the 52 weeks ended 31 January 2008, the turnover of RDF was £120.6 million (52 weeks ended 31 January 2007: £99.3 million) and profit before tax was £2.0 million (52 weeks ended 31 January 2007: £6.2 million). The net assets of RDF as at 31 January 2008 were £31.6 million (31 January 2007: £26.3 million).
Commenting on the transaction, Frank Botman, Chief Executive of Cyrte said "Cyrte Investments is delighted to be able to support David Frank and the rest of the management team with their plans for the business. We believe RDF is a strong company, with high-quality formats, experienced management and a complementary mix between content production and rights business. Cyrte is enthusiastic about contributing to the growth of RDF by leveraging its experience in the media and content sectors and by providing financial support"
David Frank, Chief Executive and founder of RDF says: ”Cyrte's sector expertise and financial strength makes them the ideal partner to support RDF through this next stage in its evolution. I look forward to working with them and the rest of the management team on building our position as one of the leading independent producers of content in the UK and US and a growing force in distribution worldwide.”
RBS Corporate Finance Limited acted as sole financial adviser to Parts Bidco Limited and Cyrte in relation to this transaction. Teathers Ltd acted as sole financial adviser to management.
This press release should be read in conjunction with the announcement issued by Parts Bidco Limited under rule 2.5 of the City Code on Takeovers and Mergers in the UK.
CYRTE INVESTMENTS ACQUIRES
SPITFIRE PICTURES
It was announced today that Cyrte Investments, which, in partnership with Goldman Sachs and MediaSet, recently acquired Endemol for euros 3.5 bn., has acquired Nigel Sinclair's and Guy East's L.A. based production company Spitfire Pictures. Cyrte will combine Spitfire with legendary British studio, Hammer, in which Cyrte already has an interest run by Simon Oakes and Marc Schipper, to form the base for building a new global filmed entertainment group, HS Media.
Cyrte intends to provide substantial equity for the acquisition by HS Media of libraries and complementary businesses as part of the new Group's growth strategy. The announcement was made in Cannes by Cyrte Chairman Frank Botman along with Sinclair, Oakes and East.
For development and production purposes, HS Media will initially have shareholders equity and facilities in excess of US$100 million, with the ability to leverage this capital further. The new Group will establish a foreign sales arm to be complemented by a vertically integrated distribution operation.
Under the terms of the deal, Spitfire and Hammer will operate as one business with two separate brands. The triumvirate of Nigel Sinclair, Guy East and Simon Oakes will run HS Media with Sinclair and Oakes serving as Co-Chairmen and Co-CEOs (out of Los Angeles and London respectively), and East as President and Chairman of the Executive Board and of the Sales and Distribution Operation.
Hammer's Marc Schipper has been appointed COO of the Group and Andy Mayson has joined as CFO and MD of International Sales and Distribution. Longtime Spitfire executives Tobin Armbrust and Alex Brunner will join the Group management team in Los Angeles. Armbrust will head up Worldwide Production and Brunner will head up US operations.
Cyrte's strategic investment team wishes to position the new Group to take advantage of so-called "digital convergence" in entertainment on top of becoming a vertically integrated film production, distribution and financing operation. Accordingly, the Group will be interested in acquiring and developing entertainment brands which can develop a separate presence within the emerging digital platforms and communities.
HS Media will initially produce 6-8 films per year and will acquire additional pictures for worldwide distribution. Development and production activities will be run out of both Los Angeles and London. The group also intends to develop projects for television. Discussions are already underway with a number of high profile partners including the BBC.
HS Media has a current combined Hammer and Spitfire library of over 300 titles and will pursue an aggressive library acquisition policy. Several major libraries are already being considered for acquisition by the group. The Hammer library is noted for its remake potential and the company is in discussions with A-list writers and directors to revive and re-imagine some of the highly touted titles.
Said Nigel Sinclair, "Guy and I are thankful for the opportunity to work with Frank Botman and the Cyrte team, and merge our company with our good friend Simon Oakes and Hammer Films. This is a really interesting time in the history of our business with digital convergence continuing to expand, and we believe that a talent-based strong content business is the right way to make it in this new world."
Simon Oakes commented, "I am very excited about this opportunity. I believe a combination of this management team and Cyrte's track record in media investments will provide the platform to build a significant company in the film industry."
Spitfire Pictures is a Los Angeles-based film company, with two operating divisions. Spitfire's Film Division is planning an early 2009 release for its new thriller, POSSESSION, starring Sarah Michelle Gellar (THE GRUDGE).
Under Spitfire's first look deal with Hammer, the division has recently acquired remake rights to Thomas Alfredson's Tribeca winner LET THE RIGHT ONE IN.
Spitfire has a very active slate of films in pre-production and development with several highly successful writers including Bill Broyles (APOLLO 13), Stuart Beattie (COLLATERAL), Christopher McQuarrie (THE USUAL SUSPECTS and the upcoming VALKYRIE), Justin Haythe (the upcoming REVOLUTIONARY ROAD), Craig Zahler (THE BRIGANDS OF RATTLEBORGE), Max Makowski (SHINOBI at Universal) and Christopher Cleveland (GLORY ROAD).
Other projects which have been announced include Mike Myers starring in the biographical picture about the life of legendary Who drummer KEITH MOON, and Philip Noyce (THE QUIET AMERICAN, PATRIOT GAMES) directing an adaptation of the best-seller MORAL HAZARD.
Spitfire's Documentary Division has two signature music documentaries currently in release: AMAZING JOURNEY: THE STORY OF THE WHO and the award winning NO DIRECTION HOME: BOB DYLAN directed by Martin Scorsese. Barry Blaustein's UNTITLED TEENAGE MUSICAL is about to be delivered to Lionsgate and Showtime, and Spitfire has teamed again with Martin Scorsese to direct THE UNTITLED GEORGE HARRISON documentary. Delivery of 3-4 documentaries per year is planned.
Founders and Co-Chairmen, Guy East and Nigel Sinclair are longtime film executives who together were the founders of Intermedia Films and separately founded Majestic Films International and the Los Angeles-based law firm, Sinclair Tenenbaum.
About Cyrte Investments
Cyrte Investments was originally started in 2000 as the family office for the private wealth of media-entrepreneur John de Mol -- the founder of Endemol and creator of Big Brother and Deal or No Deal. Cyrte has subsequently grown to include a number of other investors. Since 2007 Cyrte is part of Delta Lloyd Asset Management, with some 68 billion euro in assets under management (end 2007), one of the Netherlands' major Asset Managers. Cyrte is based in the Netherlands, has an active interest in media investments, as demonstrated by its recent euro 3.5 billion acquisition of Endemol in partnership with Goldman Sachs and MediaSet.
About Hammer
Hammer is a legendary British film brand which was originally launched in 1934 and, following a period of inactivity during WW2, delivered a hugely successful run of gothic monster movies in the 1950s including such hits as THE QUATERMASS EXPERIMENT, CURSE OF FRANKENSTEIN, THE NANNY and DRACULA. Hammer's reputation became branded worldwide as the 'Hammer House of Horror'. In the 1960s Hammer struck distribution deals with Universal, Warner Brothers, Fox and Columbia. Hammer went on to produce a huge volume of films which included such classics as THE PLAGUE OF THE ZOMBIES, QUATERMASS AND THE PIT, THE DEVIL RIDES OUT and ONE MILLION YEARS BC.
Not in production since the 1980s, the company is now being aggressively reinvigorated through new investment in the development, production, financing and distribution of film, television and digital-platform content.
Today, Hammer has an active development slate totaling more than 25 projects sourced out of both Europe and -- via its First Look deal with Spitfire -- the United States. Hammer expects a number of these projects to go into production during the course of 2008.
Further to its strategy to explore digital distribution models next to film production, Hammer is currently releasing its innovative online serial BEYOND THE RAVE worldwide (and localized for 19 countries simultaneously) via MySpace the world's leading Internet social networking site.
See http://www.myspace.com/beyondtherave for more information.
http://www.hammerfilms.com
Amsterdam, 19 June 2007
DELTA LLOYD GROUP ACQUIRES
CYRTE INVESTMENTS
Delta Lloyd Group, is to acquire the management company Cyrte Investments that manages the Cyrte Fund I and Cyrte Fund II.
Cyrte Investments’ ambition is to grow the two existing funds into a broad investment platform with focus on several current and developing themes. Delta Lloyd Group’s acquisition of Cyrte Investments increases Cyrte’s power to accelerate that growth.
Cyrte Investments’ philosophy anticipates the reallocation of disposable income as a result of technological innovation. Hence Cyrte Fund I focuses on themes related to the telecommunications, media and technology (TMT) sector. Delta Lloyd Group’s initial contribution to the Cyrte Fund I will be EUR 150 million.
The recently-acquired interest in Endemol will be transferred to Cyrte Fund II. The sale of Cyrte investments has no effect on the Endemol transaction nor on John de Mols stake or involvement in this transaction.
Alex Otto, Director Investments of Delta Lloyd Asset Management, is enthusiastic about the opportunities created by the combination of Cyrte Investments and Delta Lloyd Asset Management: ‘Cyrte fits perfectly with Delta Lloyd’s successful strategy of managing profitable funds with a distinctive investment profile. This opens up new opportunities to further expand successful investment concepts.’
Delta Lloyd Asset Management’s activities comprise the management of the mutual funds of Delta Lloyd, OHRA and Triodos and asset management for institutional investors. Total assets under management amounted to about € 52 billion at year-end 2006.
Founded in 2000 under the name of Talpa Capital, and based in Naarden, the Netherlands, Cyrte Investments begun as family office for the private wealth of media-entrepreneur John de Mol. The company now employs some 25 professionals. Dutch Pension Fund PGGM has committed EUR 500 million to the Cyrte Fund 1 C.V.
Cannes, France, 20 May 2008
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