With Payroll Unit, Bondit Builds Extension to Core Business
variety.comTodd Longwell Back in 2017, Kevin King was looking to retire from ABS Payroll, the company he founded in 1985 to service independent productions, and hand the business off to his son Kris.
He invited BondIt Media Capital co-founders Matthew Helderman (above, left) and Luke Taylor (above, right) to lunch. Their production company Buffalo8 had been an ABS client, and when the duo launched BondIt in 2013, the King family participated in its first round of financing.
Now, King was offering BondIt the opportunity to return the favor and invest in ABS. “Kris was running the day-to-day, and his father wanted him to be surrounded with executive-level or MBA-minded support, as opposed to a scenario where he hired an investment bank and sold the business, and his son would likely be pushed out,” says Helderman.
BondIt subsequently acquired a 49% stake in ABS in 2018, providing Kris King with a secure perch from which to run the company, as well as a cash infusion that enabled the company to step up its game.
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