Aninvestment division of the GFP II and GFP III funds acquired the 53.66%shareholding held in Odeon Film until now by the Bavaria Film Group "afterseveral months and long negotiations", according to Bavaria Film managingdirector Dieter Frank.
"Weare confident that Odeon Film will also be a successful market player in thefuture and has further potential for growth and development.
It wasparticularly important for us in the choice of buyer that we are placing ourenterprise into good hands. With David Groenewold and his GFP we have found aserious and competent buyer."
Specialisingin the financing of exclusively German language production since 2001,Groenewold's GFP funds have been involved in such film and productions as theProSieben two-parter Das Jesus Video, the box-office hit Der Wixxer and theBerlinale 2006 filmsLonging by Valeska Grisebach and The Red Cockatoo byDominik Graf. GFP is currently a partner in the Studio Hamburg production onFlorian Baxmeyer's family film Die Drei Detektive ''' Und Das Geheimnis DerGeisterinsel which is shooting on location in South Africauntil next month.
Commentingon the takeover deal, Groenewold said that the acquisition of Odeon Film gaveGFP access to "a strong brand with many years of experience andsuccess" and pointed out that another factor leading to the decision hasbeen the company's "highly qualified and motivated personnel."
Odeon Film is one of Germany's leading TV productionhouses with such popular programmes as the detective series Ein Fall FuerZwei in its portfolio and was also a co-producer of thecurrent box office hit The Wild Chicks (Die Wilden Huehner)by Vivian Naefe which has taken more than$6.5m (Euros 5.3m) so far.