Bac Majestic plans IPO to fuel big move

'Ghost Dog' co-producer's war chest could turn indie into global player

By ALISON JAMES

CANNES -- Looking for a big cash injection to became a major player in the worldwide film industry, France's top indie cinema group, Bac Majestic, is planning an initial public offering of up to 25% of its stock.

Company chairman and CEO Jean Labadie said he will play an even stronger role in film development, acquisition and co-production.

Bac Films acquires about 50 films a year and co-produces three or four. Recent projects include "Himalaya" and "Gohatto." Company also co-produced "Ghost Dog: The Way of the Samurai" and holds 50% of the worldwide rights.

"We want to have greater involvement rather than having quantitatively more films. We want to participate on an international level," Labadie said.

Company plans to list in July on Paris' Nouveau Marche, a newly created market dominated by technology-related issues.

Bac has grown from a small company that started out with capital of $10,000 in 1986 to a major player in France, with 1999 revenue of FF397 million ($54 million) and acquisition and distribution deals with Miramax and Canal Plus.

The group acquires and sells films under the banner Bac Films and distributes them in France through Bac Distribution, a joint venture with Canal Plus. It also owns exhibition group Majestic, whose five theaters make it Paris' second biggest exhib after MK2. That business will also grow, Labadie said.