Private equity firm Silver Lake has acquired Cast & Crew Entertainment Services, the Burbank-based payroll services company, for $700 million.
Silver Lake, a leading technology investor whose portfolio includes Go Daddy,
Financial terms were not disclosed, but a person a 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 the statement.
Founded in 1976, 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 Cast & Crew expand its services as the entertainment expands across multiple digital platforms.
"Silver Lake's technology expertise and entertainment industry understanding position them as the ideal strategic partner for our company," said Eric Belcher, president and chief executive of Cast & Crew.
Silver Lake is the third private equity company to own the business. New York-based ZM acquired the company in 2012 from ABRY Partners of Boston.
ZM had planned to cash out its investment after five years but accelerated its plans because of the company's rapid growth, mainly fueled by the television industry, said the source, who was not authorized to discuss the transaction.
Silver Lake has more than $26 billion in combined assets under management and committed capital.
"Technology's impact on the global media and entertainment sectors will create many new opportunities for Cast & Crew and its clients in the years ahead," said Silver Lake Managing Director Joe Osnoss.