After months of speculation, leading post-production house The Mill has been sold to Barclays Private Equity in a deal that values the company at £119m. Under the terms of the deal, veteran CEO Robin Shenfield and chief creative officer Pat Joseph will remain with the post production company and continue to have a substantial stake.

According to The Mill, the takeover will help drive growth in Los Angeles. It will also support expansion into emerging markets. “The rapidly growing demand for creative moving image content across all platforms has been a huge driver for us over the last few years,” said Shenfield, “allowing us to broaden our services into providing video content for the web, mobile and for video games. With the support of Barclays Private Equity we will be able to continue our expansion into these high growth areas and expand geographically into exciting new territories such as China, India and Brazil.”