PalmStar CEO heads new K5 division in LA which starts out with a $30m investment pot.
Munich- and London-based sales and production company K5 Media Group is expanding to the US with the launch of K5 International LLC in Los Angeles. Kevin Frakes will be the new division’s CEO.
K5 co-founders Oliver Simon and Daniel Baur, along with Frakes, have secured $30m in equity capital for the new company, which will be invested in productions over the next two years. The international division will handle all international sales.
According to K5, Frakes’ main role will be to source investment opportunities and to work with producers and agents in LA on “larger scale productions”.
Frakes has recently worked with K5 on Paul Walker action Vehicle 19 and Bille August’s Night Train to Lisbon. He will remain owner and CEO of Palmstar Entertainment and Co-CEO of PalmStar Media Capital.
In 2009 K5 International acquired a stake in PalmStar Entertainment and entered into a representation deal.
Daniel Baur, partner at K5, said: “Kevin is the best person you can imagine to have in Los Angeles. He is a brilliant entrepreneur with an in-depth understanding of all aspects of the industry from development and production, to finance and distribution. He was immediately our first choice to head up K5’s LA operation.”
K5 founding partner Oliver Simon added: “As we begin to expand our involvement in the development and production of major feature films, Kevin’s access to and knowledge of the Hollywood talent system will deliver the calibre of cast and producer we’ve grown to expect from our films.”
“I am thrilled to be working with Oliver, Daniel and the whole team of K5,” said Frakes. “In a very short time they have built the company into a world-class sales agency. They have amazing taste in their selection of films and are smart about the financing and structuring of the deals. I didn’t hesitate when they asked me to spearhead their US operation.”