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Voss Capital invests in Thunderbird, sees growth potential in Atomic Cartoons

Houston-based investment management firm Voss Capital has acquired roughly 10.5% of the outstanding shares of Canadian studio Thunderbird Entertainment Group.

Jennifer Twiner McCarron

Financial terms were not disclosed but the US firm said it sees significant growth potential in Thunderbird’s animation studio Atomic Cartoons.

“In our opinion, [Atomic Cartoons] has tremendous growth opportunities ahead as they have demonstrated the ability to acquire IP in a low-risk manner and successfully develop hit shows,” said Voss Capital analyst Taylor Henderson in a statement.

Among the wholly owned shows produced by Atomic Cartoons is Last Kids on Earth, which has become a hit on Netflix since its release in September 2019.

Outside of its animation business, Thunderbird’s unscripted arm, Great Pacific Media, produces Highway Thru Hell, Heavy Rescue: 401 and Mud Mountain Haulers.

The company also produced the popular CBC half-hour comedy Kim’s Convenience, which came to an end after five seasons earlier this year.

Voss cited other big-money acquisitions in the entertainment space as rationale for its investment.

“Independent studios comparable to Thunderbird are currently garnering heightened interest from both strategic and private equity acquirers, which we believe further highlights the company’s attractive position in a booming industry,” said Henderson.

Thunderbird, led by president and CEO Jennifer Twiner McCarron, has traded on the TSX Venture Exchange in Canada since 2018.

The Vancouver-based company posted annual revenues of C$81.3m (US$64.3m) in 2020, up 41% from C$57.7m the prior year, an increase the company attributed mainly to growth in its kids and family division.

Voss’s chief investment officer Travis Cocke said: “Thunderbird stock represents an attractive long-term investment and continues to be underfollowed and undervalued in the public markets. Over the past year, we have been impressed in our conversations with the Thunderbird team at every level and we look forward to continuing our engagement with management and the board in order to support our mission of unlocking value for all shareholders in the coming years.”


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