WildBrain has completed its $15.5 million acquisition of Toronto-based pre-production animation studio House of Cool.

Under the agreement, WildBrain will pay $5.25 million in cash and $10.25 million through the issuance of 4,479,406 WildBrain shares, according to a news release. There is also a potential earn-out of up to $6 million based on collection of tax credits earned by House of Cool up to closing.

The acquisition, first announced in March, sees House of Cool co-founders Wes Lui and Ricardo Curtis join WildBrain Studios in the newly created roles of co-general managers of House of Cool. The studio’s brand will be maintained as a distinct identity under the WildBrain banner, said the release.

House of Cool was founded by Lui and Curtis in 2004. The studio has worked on more than 20 theatrical films, including Despicable Me for Illumination; the Angry Birds franchise for Rovio and Sony Pictures Animation; and the Ice Age and Rio franchises for 20th Century Fox (now 20th Century Studios) and the now-shuttered Blue Sky Studios. Series work includes What if…? for Marvel Studios; Gravity Falls for Disney; and The Magician’s Elephant, Trollhunters, Maya and the Three, and Dragons: Race to the Edge for DreamWorks and Netflix.

Josh Scherba, president and CEO, WildBrain, said in a statement that “this highly complementary acquisition meaningfully broadens and deepens WildBrain’s capabilities for both our own and partner productions.”

Added Lui and Curtis: “There are great opportunities ahead, as we continue to offer our clients world-class pre-production services, while also collaborating with WildBrain on their extensive catalogue of content and the creation of exciting new IP.”

Photo courtesy WildBrain; (L-R): Wes Lui, Josh Scherba, Ricardo Curtis