Cinram Group Inc. (CGI), a newly-formed affiliate of Phoenix, Arizona-based Najafi Companies, has completed its acquisition of Cinram's European operations. Terms were not disclosed. CGI will continue to operate under the Cinram name offering manufacturing, packaging and distribution of movies, music, games and books.
Najafi acquired Toronto-based global replicator and supply-chain service provider Cinram?s North American operations in late 2012 for an undisclosed amount.
"The closing of this transaction brings the significant resources of Cinram Europe into the new company, where it will benefit from a vastly improved financial position," says Cinram CEO Steve Brown. "Under the leadership of Neil Ballantine, this solid foundation will provide our European management team with an opportunity to grow the business with renewed confidence."
CEO Jahm Najafi said Cinram complements other current Najafi entertainment-related investments including Direct Brands, Inc., one of the largest direct-to-consumer distributors of media products in the US including music, DVD and book club brands. Najafi also acquired DirectGroup France, an investment that includes retail, book clubs, e-books and an online portal for the purchase of books and DVD products.
"The firm makes highly selective investments up to $1 billion in transaction value in companies with strong management teams across a variety of industries, and often in industries out of popular favor," said Najafi at the time of Cinram's acquisition.
Story filed 01.02.13