Supporting Queen’s Park Equity on its initial platform investment into Forever, and providing ongoing support across a series of bolt-on acquisitions

James Cowper Kreston Corporate Finance (“JCK”) supported Queen’s Park Equity (“QPE”) on its initial platform investment into Forever, subsequently transitioning to provide ongoing support across a series of bolt-on acquisitions

“Brad, Nikul, Alex and Michael provided excellent support throughout the transaction process on the acquisition of Future Deluxe, our platform investment in 2022. JCK has continued to support QPE on its investment strategy, delivering detailed financial and tax due diligence alongside clear, insightful tax structuring advice. The team’s rigorous analysis and deep understanding of both platform and bolt-on acquisition dynamics played a key role in shaping our investment decisions for the Forever Group.”

— Kajen Mohandas, Queen’s Park Equity

The Transaction

James Cowper Kreston Corporate Finance has worked closely with QPE since its incorporation, advising on QPE’s inaugural investment from Fund I. Following the successful, oversubscribed close of the fund in late 2020, QPE engaged JCK to provide transaction support for its new platform investment into Future Deluxe, together with subsequent bolt-on acquisitions including Tendril, Builders Club, Found Studio and Trizz.

This group, since re-branded as Forever, is a group of global digital creative studios specialising in content creation for future-facing brands. The group is internationally recognised for best-in-class CGI, VFX, and real-time imagery, with a blue-chip client base that includes Apple, Nike, Converse, Sony PlayStation, and Google.

Platform Investment – Future Deluxe

Future Deluxe was the initial platform investment made by QPE to form Forever. It is a creative studio delivering visual marketing campaigns and related services to leading global brands, including Google, Apple, Sony, Nike, and Microsoft. The business operates across three geographies – London, Los Angeles, and Sydney – with each location maintaining operational activity and a corresponding corporate entity.

Bolt-on Acquisitions

Subsequent bolt-on investments made by Forever include:

Tendril – January 2023: Tendril is a creative studio which uses design, animation and technology to tell transformational stories for the world’s leading organisations. Based in Toronto and with a studio in São Paolo, Tendril creates digital assets for some of the world’s leading brands including Microsoft, Nike, ESPN and Hublot.

Builders Club – April 2024: Builders Club is an in an international creative studio producing high-end visual content. Builders Club is a hybrid studio reimagining the traditional production company, creative agency and design studio to provide a forward-thinking storytelling experience that supports its clients’ creative goals, collaborating with iconic brands such as Chanel, Mercedes Benz and Apple.

Found Studio – September 2025: Found is a London-based studio celebrated for elegant, design-led motion work, and known for world-building and storytelling across fashion, luxury, and automotive. Found brings a refined artistic perspective to Forever.

Trizz – September 2025: Trizz, based in Barcelona, creates cinematic, surreal CG and mixed-media storytelling. The studio adds full-service live-action production capabilities in Europe while pushing boundaries in emotion, experimentation, and craft.

Our Approach

The JCK team worked closely with QPE throughout the Future Deluxe platform investment and all subsequent bolt-on transactions, ensuring decisions were informed by detailed analysis and clear commercial insight.

JCK provided comprehensive support throughout the transaction process including:

Financial Information: Preparation of a pro forma consolidated financial position on a GBP basis, including retranslation of foreign subsidiaries and elimination of intercompany balances and transactions, enabling clear assessment of consolidated earnings, working capital, and balance sheet position.

Project Management: Coordination of communication between multinational advisory teams, including liaison with overseas tax specialists, ensuring all stakeholders were aligned on key developments and timelines.

SPA Support: Comprehensive support on financial and tax aspects of the SPA, including warranties and indemnities.

Tax review and advisory: Delivery of detailed tax due diligence and advisory services, including structuring advice for the platform investment, overseas tax considerations, transaction reviews, and assessment of tax implications for QPE.

The Result

JCK successfully navigated the complexities of multi-jurisdictional transactions, enabling a smooth and efficient process throughout. Our approach ensured the transactions were completed successfully within the agreed timeframes and provided QPE and Forever with a clarity for their decision-making and a robust platform for ongoing growth.