PE Deals

Corus to sell Toon Boom Animation to TPG platform for C$147.5m

Based in Montreal, Toon Boom provides software for animation, storyboarding and pipeline management.

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  • Toon Boom’s clients have included Disney Television Animation, Amazon, Fox Television Animation, Nelvana, Toei Animation, The SPA Studios, Xilam and Boulder Media
  • Corus purchased a 50% interest in Toon Boom in 2004 and acquired the remaining 50% in 2012
  • TPG launched IMC in 2018 to invest across the digital media landscape

Corus Entertainment’s Nelvana has agreed to sell its affiliate, animation software company Toon Boom Animation, to Integrated Media Company (IMC), a TPG portfolio company. The purchase price is about C$147.5 million in cash.

The deal is expected to close later in 2023 and is subject to customary adjustments and closing conditions. It is expected to generate net proceeds to Corus of about C$142 million.

Based in Montreal, Toon Boom provides software for animation, storyboarding and pipeline management. Its clients have included Disney Television Animation, Amazon, Fox Television Animation, Nelvana, Toei Animation, The SPA Studios, Xilam and Boulder Media.

Corus, a Toronto-based media and content company, purchased a 50 percent interest in Toon Boom in 2004 and acquired the remaining 50 percent in 2012.

“Toon Boom empowers creators of all types to bring their stories to life through a versatile platform that offers powerful storyboarding, extensive animation capabilities, and tools for streamlining the production process,” said Yuning Zhang, deal leader for IMC, in a statement. “With a best-in-class product, Toon Boom has established itself as an innovative market leader with a best-in-class product suite. Its exceptional tools are trusted by both large and small creative teams, as well as educational institutions shaping the next generation of talent. We are excited to collaborate with the team at Toon Boom to expand their platform into new markets and to introduce ground-breaking products.”

TPG is a San Francisco-based alternative investment firm with $137 billion of assets under management as of March 2023.

TPG launched IMC in 2018 to invest across the digital media landscape. The company has acquired 14 businesses in three verticals.

LionTree Advisors acted as exclusive financial advisor to Corus and the law firm of McCarthy Tétrault represented Corus on the deal. Weil, Gotshal & Manges and Davies Ward Phillips & Vineberg served as legal counsel to IMC.