Silver Lake Partners Invests in Sound Stages
Posted on 06/14/2022
Shadowbox Studios (formerly Blackhall Studios) is an operator of purpose-built soundstage facilities.
Silver Lake Partners made an investment in Shadowbox Studios, that investment includes a capital commitment of US$ 500 million that will support Shadowbox’s growth strategy, including existing soundstage development projects in the Atlanta, London, and Los Angeles metro areas with over US$ 1.5 billion of expected capital investment. Silver Lake will partner with existing investor Commonwealth Asset Management, which remains the majority shareholder. Los Angeles-based Commonwealth Group acquired Blackhall Studios for US$ 120 million in April 2021, which was one of the largest production studios in Georgia. Ryan Millsap founded Blackhall Studios.
Shadowbox’s existing footprint consists of:
Atlanta Metro Area: Shadowbox currently operates an 850,000 square foot studio facility with nine soundstages in Atlanta, GA that has been home to blockbuster features such as Jumanji: The Next Level, Jungle Cruise and Godzilla: King of the Monsters. The company is also developing an additional 1.2 million square foot space including 22 new soundstages. Upon completion of this expansion, Shadowbox’s footprint in Atlanta will total 31 soundstages and exceed two million square feet.
London Metro Area: Shadowbox recently completed the initial 150,000 square foot phase of its nearly one million square foot Shinfield Studios project in the United Kingdom, which is fully leased to one of the world’s largest content creators. Following completion of the remaining development, the company will operate 18 stages in the London area.
Los Angeles Metro Area: In addition, Shadowbox is currently developing a 19 soundstage, approximately 1.3 million square foot purpose-built studio campus in Santa Clarita, CA.
Upon completion of these development projects, Shadowbox will own and operate a portfolio of 68 soundstages and over 4.2 million square feet of leasable area, making it one of the largest operators in the sector. In addition to providing real estate services to its clients, Shadowbox also provides productions with lighting and grip rentals through its wholly owned subsidiary, Lamp Dock, as well as other key on-lot services.
Advisors
Deutsche Bank, EY and Sidley Austin represented Shadowbox on the transaction. Additional legal work was done by Farrer & Co. and King & Spalding. Latham & Watkins represented Silver Lake.