Canada‘s Boat Rocker Studios has followed its return to private ownership by acquiring a majority stake in Toronto animation studio Industrial Brothers.
Boat Rocker previously held a significant minority stake in the Dino Ranch maker, but has now converted that to a ownership position. Financial terms of the agreement were not disclosed.
Alongside the equity deal, Boat Rocker and Industrial Brothers have renewed their first-look co-production deal. They currently act as co-production partnesr on Dino Ranch and its spinoff Island Explorers, as well as Remy & Boo and Daniel Spellbound.
Industrial Brothers co-founder and Chief Creative Officer Matthew Fernandes will continue to lead his company, with COO Tammy Semen overseeing production and day-to-day operations. Fernandes, together with Boat Rocker founders David Fortier and Ivan Schneeberg, will comprise the board of the company, working closely with Boat Rocker’s President of Global Rights, Franchise & Content Strategy, Jon Rutherford and his senior management team on the company’s Kids & Family and Animation strategies.
As for Boat Rocker, the deal is its most significant since Canadian compatriot Blue Ant Media completed a reverse takeover of Boat Rocker, excluding the Boat Rocker Studios and Kids & Family business. Following that deal closing and Blue Ant listing on the Toronto Stock Exchange as Blue Ant Media Corp, Boat Rocker bosses Schneeberg, Fortier and John Young executed an MBO and launched a new-look company under the same name. As today’s news highlights, they’re already in building mode.
“The need for original IP that meaningfully connects with kids and families around the globe is stronger than ever today, and we are committed to fulfilling that need through our enhanced partnership with Industrial Brothers and with Matt and Tammy, who share our vision for the future,” said Fortier and Schneeberg in a joint statement.
“Our broader agreement with Industrial Brothers provides us with strategic strengths in a very competitive marketplace and will greatly maximize our opportunities ahead.”
“Industrial Brothers has developed into a powerful player in the animation business with a robust roster of globally successful original IP and I’m excited that our longstanding creative collaboration with Boat Rocker has evolved into a larger partnership,” said Industrial Brothers’ Fernandes. “Together, we will create even more standout content, which will further solidify Industrial Brothers’ position as a leading creator and producer of quality entertainment for kids and families everywhere.”
Boat Rocker compatriot Blue Ant recently posted its first financial quarter results, with adjusted EBITDA coming in at C$14.6M ($10.5M) and revenues at C$55.7M. It now controls Insight Productions, Proper Television and Jam Filled Entertainment, which were previously part of the Boat Rocker stable.
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