Summary:
The Together Fund made its first investment by supporting a management buyout of Belgium's Caviar, a major production house known for films like Sound Of Metal.
Caviar's management team retains a 55% majority stake, ensuring independence after Telenet sold its 70% share to refocus on telecom.
The deal aims to help European independent production companies scale and compete against larger integrated groups, with the fund backed by the European Investment Fund.
Caviar expects 2025 revenues above 200 million euros and plans to double revenue through growth and M&A activity, highlighting its strong market position.
This investment is seen as a model for increasing private equity in Europe's film and TV sectors, encouraging more funding for independent creators.
Europe's Together Fund Makes Landmark Investment in Caviar
In a significant move for Europe's independent film and TV sector, the Together Fund has completed its first investment by supporting a management buyout of Belgium's largest production house, Caviar. This deal marks a pivotal moment for the fund, which was launched last year with a mission to bolster European production companies against the growing dominance of integrated audiovisual groups.
The Deal Structure and Key Players
Under the operation, the Together Fund acquired a 45% stake in Caviar, partnering with Belgian serial fintech entrepreneur Jürgen Ingels. The management team, led by co-founder Bert Hamelinck, retains a 55% majority stake, ensuring continued independence and control. This buyout was triggered when majority shareholder Telenet, a Belgian telecommunications group, decided to sell its 70% stake to refocus on its core telecom business.
Alexandra Lebret, co-runner of the Together Fund and former Managing Director of the European Producers Club, emphasized the strategic fit: "It's a beautiful company and what they were asking for and aiming to do in terms of growth was at the core of our strategy." The fund, backed by the European Investment Fund and initially capitalized at 58 million euros ($66 million), aims to enable European independent production companies to scale and strengthen.
Caviar's Legacy and Future Plans
Founded in 2005 through the fusion of Flemish companies Rose Are Blue and Pix In Motion, Caviar has grown into an international powerhouse with offices in London, Los Angeles, Paris, Berlin, and Amsterdam. The company is best known for producing the Oscar-winning drama Sound Of Metal, along with other notable films like War Pony and Rebel. Recent projects include The Best Immigrant, which is in talks for a U.S. remake, and upcoming U.S. releases such as Famous, Love Language, and The Accompanist.
Hamelinck revealed that Caviar is expecting revenues of slightly above 200 million euros ($233 million) for 2025, with an EBITDA of around 9 million euros ($10.52 million). The long-term strategy involves doubling revenue through in-house growth and mergers and acquisitions (M&A) activity. The company's umbrella includes subsidiaries like Sputnik and Loom, and it holds a 45% stake in Belgian company Versus Production.
The Impact on Europe's Independent Sector
This investment is seen as a model for encouraging more private equity investment in Europe's film and TV industries. Hamelinck noted, "I think we need a lot more private equity money in our industry in Europe. It's much easier in the U.S. on that side, and we need family offices to believe in this business." He hopes this deal will inspire similar initiatives, leveraging the credibility provided by European support.
The Together Fund, with a 10-year duration, plans to exit investments within three to seven years. Lebret mentioned that other deals are in the works, with new investments expected to be announced this spring, reflecting the diversity of Europe's film and TV scene.
Image: Courtesy of Jeroen Willems
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