Europe’s Together Fund Invests in Caviar: Supporting the Management Buyout of ‘Sound of Metal’ Production House

Together Fund Invests in Caviar, Belgium’s Leading Production House

The Together Fund, launched in Paris last year to bolster Europe’s independent film and TV production sector, has made its inaugural investment in Caviar, Belgium’s largest production company. The fund’s commitment signifies a pivotal step in supporting regional media enterprises amidst a landscape increasingly dominated by larger integrated audiovisual groups.

Through this investment, Together Fund participated in a management buyout, responding to Telenet’s decision to divest its 70% stake as part of a strategic shift focusing on its core telecommunications business. Telenet’s exit opened the door for Caviar’s management team to seize ownership opportunities that align with their growth ambitions.

Founded in April of last year under Axio Capital with the support of the European Investment Fund, the Together Fund has an initial capital of 58 million euros (approximately $66 million). Its goal is to empower European independent production companies to expand and thrive.

Former Managing Director of the European Producers Club, Alexandra Lebret, co-manages the fund alongside Axio Capital partner Antoine Bodet, who has a track record of advising notable French film and TV companies.

In the initial transaction, the Together Fund acquired a 45% equity stake in Caviar, with the management team maintaining a 55% majority. Bert Hamelinck, co-founder and managing director of Caviar, expressed that the timing of the Together Fund’s establishment was crucial for his team as they navigated Telenet’s impending sale.

“We didn’t feel like immediately going down the route of another industrial partner or being acquired by a bigger group and were exploring the possibility for a management buyout,” Hamelinck stated.

Caviar, which Hamelinck established in 2005 with partners Mathias Coppens and Michael Sagol, has expanded internationally, with offices in cities including London and Los Angeles. The company is recognized for its acclaimed films, such as the Oscar-winning Sound Of Metal and other notable titles like War Pony and Rebel.

Recent projects include the Belgian drama The Best Immigrant, currently under consideration for a U.S. remake, and The Soundman, set to premiere at the Palm Springs International Film Festival. The company also has several U.S. releases in the pipeline, including Jody Hill’s Famous and Zach Woods’ The Accompanist.

Hamelinck noted that his discussions about partnering with the Together Fund began during a meeting with Lebret at Cannes. “I said if we have an opportunity to do this management buyout, would you like to partner with us, because we can’t do it on our own?” he shared.

Lebret quickly expressed her interest, leading to discussions that solidified the investment agreement. She underscored the trust built between the two parties over the years, facilitated by their previous connections through the European Producers Club.

Both partners emphasized the importance of maintaining Caviar’s independence. “We were very keen to keep our independence. Telenet was a very, very good shareholder… If we had become part of another group with a different strategy, we would likely have been forced to change course,” Hamelinck said.

While details of the acquisition price paid to Telenet remain undisclosed, projections for Caviar predict revenues slightly above 200 million euros ($233 million) for 2025, with an EBITDA of around nine million euros ($10.52 million). The long-term plan is to double revenue through both growth and mergers and acquisitions.

Hamelinck hopes that the partnership with the Together Fund will inspire further private equity investment in Europe’s independent film and TV sectors. “This is unique in Europe. It’s very new and very needed,” he remarked, advocating for increased support from family offices to enhance the industry.

With a lifespan of ten years, the Together Fund aims for exits within three to seven years. As Lebret shared, her experience with negotiations has been bittersweet, highlighting the natural course of fund operations. “When we were negotiating the exit, I was so sad,” she reflected.

Plans for future investments are underway, with the fund set to announce additional deals this spring, showcasing a diverse range of companies from various European regions.