Atwater Capital (Atwater), an alternative investment manager that invests in the media and entertainment industry, has closed on a long-term debt facility with its portfolio company wiip, an independent studio.
The agreement, which brings Atwater to over USD100 million in invested capital since inception in 2017, extends its track record of providing equity or debt finance to support creative businesses in their development.
Proceeds from the facility will help to support the next phase in wiip’s substantial growth while at the same time bolstering the balance sheet of the studio, which was formed in 2018 by Paul Lee, who founded the BBC’s US cable network, BBC America, and ran ABC Family, ABC Entertainment and ABC Studios for the Walt Disney Company, and Matteo Perale, a former executive of Creative Artists Agency (CAA) and Infront Sports.
Atwater became a minority shareholder in wiip – an acronym for ‘word,’ ‘idea,’ ‘imagination’ and ‘production’ – in 2020. The studio’s other shareholders include TPG and Creative Artists Agency (CAA).
Vania Schlogel, Atwater’s Founder and Managing Partner, joined wiip’s advisory board following the 2020 private equity deal.
Since it was launched, wiip has developed various projects that have been picked up by a number of top tier global media platforms. wiip’s premium slate of shows includes critically acclaimed and Peabody Award-winner “Dickinson,” starring Hailee Steinfeld for Apple TV+; “Mare of Easttown,” starring Kate Winslet and “The White House Plumbers,” starring Woody Harrelson and Justin Theroux for HBO, Adam McKay’s “The Uninhabitable Earth” for HBO Max, Danny Boyle’s “Pistol” for FX and Jenny Han’s “The Summer I Turned Pretty” for Amazon Studios, among others.
Ally Park, Director of Atwater Capital, says: “We seek to invest in some of the most creative and commercially successful businesses and projects in the global media and entertainment sectors, and we could not be more excited about having the opportunity to support wiip in the next phase of its remarkable growth. In only three years, wiip has positioned itself as a clear leader in bringing great stories to life. We have been hugely impressed with the company’s achievements to date and are happy to re-affirm our commitment to support the studio with additional capital.”
Matteo Perale, co-founder, wiip, says: “We are delighted to extend our partnership with Atwater Capital and are grateful for their recognition of our creative achievements. Their continued support further strengthens our growth potential and we look forward to more success together. “
Atwater’s other media sector investments include LEONINE Studios, Germany’s largest content and production and distribution company, the Los Angeles film and TV production and sales operation Mad River Pictures, and a development partnership with Channing Tatum’s Free Association.
Atwater was advised by Stroock, Stroock & Lavan.
