Mallorca-based production company Palma Pictures has recently been acquired by Scandinavian investors Joachim Odqvist and Ture Stendahl.

Odqvist and Stendahl are entrepreneurs who have interests in many businesses, including the hotel sector. They recently sold Scandinavia's largest amusement park group, Parks and Resorts.

A management team of Palma CEO Mike Day, executive producer Trent Walton, and CFO Ramon Caravaca have acquired an equity interest in the business, giving board representation.

'We are excited to have a financially strong partner going forward,' said Day. 'Our Scandinavian investors have a strong belief in the film service sector and have been tracking Palma Pictures closely over recent years.

'Our aim is to continue to cement relationships with European talent. We want to become the first choice in Europe for top directors and a place where film-makers choose to work.'

Since its inception in 1993, Palma Pictures has grown into one of the world's leading production service companies, providing crew, equipment and logistical support for over 550 television commercials and 15 television dramas and feature films. It also has a purpose-built studio complex, soundstage, transport and in-house camera, lighting and grip equipment, with plans to build a second stage in coming years.

The company has offices in Copenhagen, Munich and Paris and is set to open an office in Madrid, all of which cater to the international clientele of the Mallorca facility.