Silver Lake buys Cast & Crew
Private equity firm Silver Lake has acquired Cast & Crew Entertainment Services, the Burbank payroll services company.
Silver Lake, a leading technology investor based in Menlo Park, Calif., whose portfolio includes GoDaddy, Alibaba Group and talent agency WME/ IMG, acquired Cast & Crew from ZM Capital, the companies said.
Terms were not disclosed, but a person familiar with the transaction said the deal was valued at $ 700 million.
Cast & Crew employs 350 in 11 offices, with the bulk of the workforce in Burbank. Senior management will remain in their current roles, according to a statement.
Cast & Crew is one of the entertainment industry’s leading providers of payroll services, residuals and workers’ compensation insurance. Company executives said Silver Lake’s backing will help it expand as the entertainment industry expands across digital platforms.