28 Sept 2022

Limerick's Troy Studios sold to leading US consortium in multi-million euro deal

Series based on book by Game of Thrones writer is set for Limerick's Troy Studios

An aerial view of Troy Studios in Castletroy

LIMERICK'S Troy Studios has been acquired by one of the world’s leading media real estate and studio services organisations.

The multi-million euro deal has been announced this Friday by the consortium which includes California-based property group Hackman Capital Partners, its studio operator affiliate, the MBS Group and Square Mile Capital.

Ardmore Studios in Bray being has also been acquired as part of the deal.

The partnership owns the world’s largest independent studio and media portfolio, which now includes approximately €3.6 billion in media real estate assets and exclusively services over 360 sound stages within its MBS Group network of at more than 65 locations across 46 cities and four countries. 

Both Troy Studios and Ardmore Studios will continue to operate with their existing branding and staff will not be impacted.

Commenting on the announcement, Elaine Geraghty, CEO of Ardmore Studios and Troy Studios says the deal will preserve the legacy of the two studios as well as ensure the continued success of Ireland’s two most significant studios.

"Ireland has a long history of filmmaking and today’s announcement solidifies the ambition of the industry, and will bring new opportunities in line with the Government ambition to establish Ireland as a global hub for the production of film, TV drama and animation. The demand for high-end TV series is exponential. We compete globally to attract inward productions and valuable investment to Ireland and today’s announcement is momentous to enable further growth of the industry in Ireland,” she said.

Michael Hackman, CEO of Hackman Capital Partners said: “Ireland is a superb destination for production, with the richness of its natural landscape, it’s indigenous content industry and it’s skilled production crews. We look forward to building upon this great history and are committed to growing both indigenous and international production activity in Ireland, by investing in and forging strong links with local talent and communities and by promoting further inward investment from international content creators.”

Craig Soloman, CEO of Square Mile Capital added: "We are excited to grow our platform by establishing a presence in Ireland, which we view as a premier and growing global production market.  While we have now established strong presences in several of the world’s top production centers, we will continue to look for additional opportunities.”

Located in Castletroy, Troy Studios has become Ireland’s largest studio complex, offering 100,000 square feet of stage space and a further 250,000 square feet for production support, including the largest sound stages in the country.

There is also a significant back lot which can be used for outdoor filming.

Joe Devine, Chairman of both Troy Studios and Ardmore Studios has welcomed the completion of the deal:  “On behalf of the shareholders in both Troy and Ardmore, I want to congratulate Hackman Capital Partners on their acquisition and wish them every success in the coming years.  When we were approached, we realised that this could really transform the outlook not just for the two studios but for the wider industry in Ireland," he said.

Mr Devine added: "When we began this journey in 2016, we had ambitious plans to establish world class production facilities here in Ireland and create the market leader through acquisition and development.  After a successful €30m company investment programme we have achieved our objective and are delighted that a global leader like HCP will continue developing the studios.  The industry is transforming before our eyes and HCP will ensure that Troy and Ardmore – and Ireland - can take full advantage of that transformation.” 

Members of Limerick City and County Council as well as other stakeholders were informed of the sale of Troy Studios shortly before the public announcement.

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