Paris-based CG animation studio TeamTO, which , is up for sale

TeamTO, a major French animation studio, has collapsed. The company declared insolvency on September 17 and entered insolvency,three companies have stepped forward with offers to buy it.

The company, founded 19 years ago of 2005, was a well established producer whose series included Netflix’s Peabody-winning City of Ghosts, PJ Masks, and Elena of Avalor， Mighty Mike, produced original series such as  Angelo Rules (pictured, season six is in production) and Jade Amor (season two is in production). It has also done animation service work on third-party titles including Hasbro’s Kiya & the Kimoja Heroes.

TeamTO was established in 2005 and has TransPerfect, the French subsidiary of a same-name American company that does translation and localization work, has offered a sale price of US$431,000 and more than US$2 million in additional capital financing. This purchase would give it a division that’s focused on production.

The offers are as follows:

Transperfect, a major translation and localization services firm with thousands of employees worldwide, has offered USD$431,000, as well as $2 million in additional capital financing.

Film and distribution investment firm Gabriel Finance has offered around USD$570,000 for the company. According to Kidscreen, “If successful, its plan is to focus TeamTO exclusively on series production (dropping games, digital and R&D) and limit its output to two shows a year.” Additionally, it is forecasting that TeamTO’s catalogue sales of its own shows, like Mighty Mike, could generate over $300K in annual revenue.

French conglomerate Hildegarde, which owns a variety of animation companies including Les Armateurs, Folimage, and distributor Gebeka Films, has offered USD$10,000.

Educational brand-builder Hildegarde, on the other hand, has offered roughly US$10,000 to add a CG animation studio to its portfolio. Hildegarde’s business is focused on magazine publishing, cinemas and schools, but it already owns French production companies Les Armateurs and Folimage, and distributor Gebeka Films.

The third offer is from Gabriel Finance, a film and distribution investment company willing to spend US$571,000 on this acquisition. If successful, its plan is to focus TeamTO exclusively on series production (dropping games, digital and R&D) and limit its output to two shows a year. Gabriel Finance is forecasting that TeamTO’s catalogue sales will generate around US$323,000 in annual revenue. Company chair Adrien Desanges owns Tcham Films, Mandoline Films and Studio des Ursulines (the iconic Parisian cinema that also runs Benshi, an SVOD service specializing in family films).

The Commercial Court of Paris evaluated all three offers on October 30, and they can be changed up until October 25.

CEO Guillaume Hellouin attributes the studio’s cash issue to the collapse of its work-from-home business in LA two years ago, compounded by the worldwide market downturn that’s making it very difficult for animation studios to get new content financed.