westbrooke yield plus partners with the firmament group to provide a €10m refinance and growth capital facility to pearl & dean cinemas and wide eye media
16 July 2019
London (16 July 2019): Westbrooke Alternative Asset Management UK Limited (“Westbrooke”) and the Firmament Group (“Firmament”) are pleased to announce the closing of a €10m refinance and growth capital facility (the “Facility”) to Pearl and Dean Cinemas (“P&D”) and its sister company Wide Eye Media (“WEM”).
P&D and WEM are leading cinema advertising companies that provide turnkey solutions to support cinema operators, advertisers, and agencies. P&D holds #2 market share in the UK, while WEM holds #1 market share in Ireland.
Westbrooke, via its fund, Westbrooke Yield Plus Limited, and through its co-investment partners (the “Consortium”) provided a significant portion of the senior debt to facilitate the refinance of existing debt facilities. In addition, the Consortium invested alongside Firmament into a preferred equity tranche to support future growth initiatives.
Tedmond Wong, Principal at Firmament said, “We are proud to serve as a financing partner for long-standing leaders in the cinema industry. The businesses are an excellent fit with our investment strategy given their strong cashflows, leading market position, sterling reputation, and strong customer relationships. We are delighted to work with the teams at Pearl & Dean and Wide Eye Media in the coming years.”
“Westbrooke and Firmament have recognized the strength of our brands in the marketplace and the continued relevance of film and cinema to both audiences and advertisers. We look forward to working with them on new developments within the group and welcome our new partners,” said Kathryn Jacob OBE, CEO of Pearl & Dean.
Eoin Wrixon, CEO of Wide Eye Media added, “Wide Eye Media has always been focused on growing our delivery, relevance and solutions for our clients. With our new partners alongside us, we can continue to ensure that Wide Eye Media and our outdoor offering maintain our momentum within the Irish market.”
With a core focus on capital preservation, Westbrooke Yield Plus provides investors with exposure to a diversified portfolio of higher yielding secured debt instruments with robust security packages, significant equity cushions and clear exit strategies. Westbrooke Yield Plus provides funding to lower-middle market companies, as well as short to medium-term real estate backed transactions, investing predominantly within the UK and other developed economies.