Get ready for a game-changer in Europe's film and TV industry! The Together Fund, a Paris-based initiative, has made its first bold move by investing in Belgium's leading production house, Caviar. But here's where it gets controversial: this investment isn't just about supporting independent cinema; it's a strategic move to counter the growing dominance of integrated audiovisual groups.
The Together Fund, launched last April with a mission to empower European independent production companies, has chosen Caviar as its inaugural investment. With an initial capitalization of €58 million ($66 million), the fund aims to help these companies scale and strengthen their positions in a rapidly changing market.
Under the leadership of Alexandra Lebret, a former Managing Director of the European Producers Club (EPC), and Antoine Bodet, a partner at Axio Capital, the fund has supported a management buyout of Caviar. This move was triggered by Telenet, a Belgian telecommunications group and majority shareholder, deciding to sell its 70% stake as part of a strategic refocus on its core business.
Caviar's co-founder and Managing Director, Bert Hamelinck, believes this fund's creation was timely. He explains, "We wanted to explore a management buyout rather than immediately seeking another industrial partner or being acquired by a larger group."
Hamelinck co-founded Caviar in 2005, and since then, the company has opened offices in major cities like London, Los Angeles, Paris, Berlin, and Amsterdam. Internationally, Caviar is renowned for its cinematic productions, including the Oscar-winning drama "Sound of Metal" and other notable films like "War Pony" and "Rebel."
But Caviar's portfolio isn't limited to films. They've also produced non-scripted programs under the Roses Are Blue label, such as the popular escape room-themed show "The Way Out" (Code van Coppens), which is currently in production in four territories. Additionally, Caviar has worked on advertising campaigns for various brands, including Nike's Jordan brand and the Canadian food delivery app Skip.
Hamelinck first discussed the possibility of working with the Together Fund during a meeting with Lebret at Cannes. He proposed the management buyout idea and asked if the fund would be interested in partnering. Lebret was immediately on board, and the two parties, along with Belgian serial fintech entrepreneur Jürgen Ingels and support from ING, worked together to finalize the investment deal.
"Caviar is a beautiful company," Lebret said. "Their growth plans aligned perfectly with our strategy. We've known each other for years, and the trust was there from the beginning."
Hamelinck agrees that this operation is ideal for Caviar, allowing them to continue their growth strategy seamlessly. "Telenet was an excellent shareholder, very supportive of our plans. If we had joined another group with a different strategy, we might have had to change course."
While the exact amount paid to Telenet for its stake remains undisclosed, Hamelinck revealed that Caviar is expecting revenues of over €200 million ($233 million) in 2025, with an EBITDA of around €9 million ($10.52 million). The company's long-term strategy involves doubling its revenue through internal growth and M&A activities.
Hamelinck hopes this partnership with the Together Fund will encourage more private equity investment in Europe's independent film and TV sectors. "Having the support of the European Investment Fund and private investors teaming up with the fund is unique and much-needed in Europe. We need more private equity money in our industry."
The Together Fund, with a 10-year duration, aims to exit its investments within three to seven years. Lebret expressed her sadness about this aspect, saying, "I don't want to exit, but that's the nature of the fund."
And this is the part most people miss: the Together Fund has more deals in the pipeline, with new investments expected to be announced this spring. These deals will reflect the diversity of Europe's film and TV scene, with companies from different countries and varying sizes.
So, what do you think? Is this a step towards a more vibrant and independent European film industry? Or is it a sign of further consolidation? We'd love to hear your thoughts in the comments!
