GPF Capital has closed its twenty-fifth transaction since its launch in 2015 with the acquisition via capital increase of a 50 per cent stake in Peris Costumes, a Spainish company specialising in the rental of wardrobe equipment for films and TV series. The Company complements the rental of garments, accessories, and jewellery with the manufacture, repair, dye and cleaning of clothing and footwear.
The current management team, which has a unique knowledge of the sector and is led by Javier and Alejandro Toledo, will remain in the business, and will continue to hold the other 50 per cent stake in the company.
Founded in 1856 with links to the world of opera and theatre, Madrid-headquartered Peris Costumes has a stock of more than six million vintage and contemporary garments and accessories stored in 22,000 square meters of warehouses located in its main operating centres: Spain, Hungary, Portugal, Austria and Mexico. From these locations it serves both large global producers and local producers in the countries in which it operates.
With a team of 80 professionals, in the last year it has served more than 300 audio-visual productions, including world-known series such as Money Heist, The Crown, The Young Pope, Chernobyl, Peaky Blinders or Vikings, and films such as Murder on the Orient Express, Redbad The Legend, Maleficent: Mistress of Evil, Loving Pablo and Operation Finale.
The production of films and series is undergoing a revolution with the entry into the sector of digital platforms such as Netflix, Amazon Prime, Disney, HBO, Hulu, SKY, Movistar, etc., in whose productions Peris participates. The emergence of these platforms has caused the so-called “streaming wars”, triggering the production of movies and series with the aim of constantly expanding and renewing content (eg Netflix plans to invest USD17 billion in content in 2020 vs USD12 billion in 2018). This increase on the demand side has led to a shortening of production processes, making directors to look for cheaper and quicker solutions in times that significantly favor the rental of wardrobe.
The growing demand for audio-visual content requires wardrobe and Peris is very well positioned to lead this trend at the global level.
“The investment of GPF Capital implies consolidating the extraordinary evolution that Peris Costumes has had in the last decade. This movement allows us to continue offering the best service to our customers, assuring them an ever-widening variety of garments and accessories for their productions and a personalized service, close and tailored to each customer. We have an ambitious project ahead of us with important perspectives,” says Javier and Alejandro Toledo.
GPF Capital and the management team will develop together a new strategic plan whose pillars are: maintaining, reinforcing and expanding the stock of garments and accessories offered to customers in the major global production hubs, and consolidating a long-lasting and sustainable growth plan that ensures quality within an internationalisation program, with a special focus on LatAm.
Peris Costumes counted with SeaRey (Francisco Rey) as a financial advisor and GA_P as a legal advisor. GPF Capital was advised by EY and Uría Menendez.