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GC Financial takes 25% stake in Zip Films

24 September 2009 9:05 AM, PDT | The Hollywood Reporter | See recent The Hollywood Reporter news »

San Sebastian, Spain -- U.S. venture capital fund GC Financial Group has acquired a 25% stake in Barcelona-based Zip Films for €3.7 million, giving it a foothold in Spain from which to launch a European expansion.

"Now we have a base in Europe to take advantage of the financing structure for independent films," GC managing partner Adi Cohen said Thursday. "Zip is our base with the Spanish-speaking film industry, and gives us a place to launch our European entertainment operation."

Cohen said GC would be looking to buy another film company in Germany as part of its strategy.

"In the last 10 years most independent films were financed out of Europe," Cohen said. "We're looking to be in the center of the process, instead of at the end of the food chain."

GC gives Zip access to a $22.4 million in revolving credit as the newly teamed entity looks to become what Cohen calls a "Pan-European, »

- By Pamela Rolfe

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1 item from 2009


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