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Wilhelmina Models Goes to New Century
Management, film & television assets to accompany agency on its way to billing services firm turned holding company.
August 28, 2008
Wilhelmina International Ltd. and its associated companies will be acquired by New Century Equity Holdings in a $30 million half-cash, half-stock deal.
New Century also raised $5 million in equity financing to complete the deal.
Wilhelmina International’s assets include its modeling agency, founded some four decades ago by Wilhelmina Cooper, its Miami division, film and television properties and its talent management operations, according to a joint statement released by the companies. The acquired company has offices in New York, Miami and Los Angeles.
“Not only will public ownership of Wilhelmina permit Wilhelmina to take greater advantage of numerous compelling opportunities in the marketplace,” said Dieter Esch, its co-chairman, “but this transaction will also significantly enhance the quality and perspective of professionals involved in Wilhelmina's business at the talent booking and management levels.”
After the deal’s closing, Wilhelmina will become the operating business of New Century and the acquirer will change its name to Wilhelmina Intl., the statement said.
"Wilhelmina has a number of untapped markets and market opportunities, and I am truly excited that the resources and experience of a combined, public Wilhelmina-New Century will enable us to avail ourselves of these opportunities,” said Brad Krassner, co-chairman of Wilhelmina.
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