Kids’ and family entertainment company WildBrain has closed its previously announced acquisition of House of Cool, a pre-production animation company. The House of Cool brand will be maintained as a distinct identity under the WildBrain banner.
A strategic extension of WildBrain’s focus on creative excellence, the acquisition expands and enhances the company’s pre-production capabilities for premium animated series, specials and features.
Under the agreement, WildBrain has acquired full ownership of House of Cool for consideration of US$15.5 million, with US$10.25 million through the issuance of 4,479,406 WildBrain shares and the remainder in cash. Additionally, there is a potential earn-out of up to US$6 million based on a collection of certain tax credits earned by House of Cool up to closing.
Bringing their deep experience and creative expertise, the animation company’s executives and co-founders, Wes Lui and Ricardo Curtis, have joined the WildBrain Studios senior management team in the newly created roles of co-general managers of House of Cool.
WildBrain president and CEO Josh Scherba said, “We’re delighted to close our acquisition of House of Cool and to officially welcome Wes, Ricardo and their talented team to WildBrain. House of Cool is recognised as one of the very best pre-production houses in the global animation industry, and this highly complementary acquisition meaningfully broadens and deepens WildBrain’s capabilities for both our own and partner productions.”
Lui and Curtis said: “We’re incredibly excited to conclude the acquisition process and officially join forces with the brilliant team at WildBrain. There are great opportunities ahead, as we continue to offer our clients world-class pre-production services, while also collaborating with WildBrain on their extensive catalogue of content and the creation of exciting new IP. Our combined strengths make us a potent creative force in the animation industry.”
Founded in 2004, House of Cool’s past projects include Despicable Me for Illumination; The Angry Birds franchise for Rovio and Sony Pictures Animation; and The Peanuts Movie, Ferdinand, and the Ice Age and Rio franchises for 20th Century Fox and Blue Sky Studios; What if…? for Marvel Studios; Gravity Falls for Disney; and The Magician’s Elephant, Trollhunters, Maya and the Three, and Dragons: Race to the Edge for DreamWorks and Netflix.