Fuel VFX is one of the latest top visual effects facilities to feel the pain of the global economy.
Animal Logic, the Australian-based animation and visual effects facility known for its work on Legend of the Guardians: The Owls of Ga’Hoole,
300,
Happy Feet, and more, is finalizing a deal to buy the assets of Sydney-based Fuel VFX (
The Avengers, Iron Man 2, Prometheus). This after the studio was placed into voluntary administration last month—a process whereby company directors request a third party to look at a restructure, a sale, or a liquidation of assets in order to avoid closure.
Fuel VFX will be renamed Animal Logic Fuel. The new facility will handle advertising and short-form visual effects projects. However, both will retain their own, separate VFX film divisions.
Fuel VFX was founded in 1990 by Jason Bath, Paul Butterworth, Andrew Hellen, Simon Maddison, and Dave Morley, all of whom will continue the roles with the new company. The facility, which has produced work on a number of tentpole films, will continue operating at its former location, which is only miles from the Animal Logic headquarters. Animal Logic also has an office in Santa Monica, California.
The cost of the acquisition was not released.
Animal Logic opened in 1991. The facility began operating under the Animal Logic Fuel moniker on October 2. At the time of the voluntary administration, Fuel had approximately 80 employees; it reopened its doors with about 20 to 30, hoping to ramp back up in the next few weeks.
Fuel VFX is just one of several visual effects studios worldwide that has been hit hard by the global economic downturn. In August, postproduction firm Deluxe Australia, acquired Omnilab Media’s creative and media services businesses, including the VFX/postproduction companies Iloura, Digital Pictures, Cornerpost, Flagstaff, Boffswana, and PAX Entertainment. More recently, Digital Domain Media Group sold its production business after being forced into bankruptcy.