Millennium Entertainment, the distribution arm of Avi Lerner‘s Nu Image, is officially for sale, with investment bank Salem Partners brought in to shop a deal. Nu Image holds 60% of the company, while Nigel Sinclair and Guy East’s Exclusive Media has a 20% stake and hedge fund Prentice Capital has the other 20%. A sale has been in the cards for the past year as Sinclair and East considered buying the part of the company they don’t already own, but a deal did not come to fruition. With the sale now opened to other buyers, Deadline hears there’s been “a lot of activity.” Here’s the official press release:

Millennium Entertainment CEO Bill Lee announced today that Salem Partners, a leading Los Angeles-based investment bank and wealth management firm, has been retained to sell the company.

Millennium Entertainment enjoyed a record year in both revenue and earnings in 2012 propelled by one of 2012’s biggest indie successes, Richard Linklater’s comedy Bernie, which earned Jack Black a Golden Globe nomination.

Millennium owns a film library comprising 665 titles and has strong relationships with theatrical exhibitors including AMC, Regal and Landmark. The company works closely with all major retailers, home entertainment and digital platforms that deliver films to consumers including Walmart, Target, iTunes, Netflix as well as major cable system operators. Millennium Entertainment is 60% owned by Nu Image, 20% by Prentice Capital, a Connecticut based hedge fund, and 20% by Exclusive Media Group

“Millennium Entertainment has created the most comprehensive distribution platform outside of the major studios,” said Lee. “We look forward to working with Salem Partners to identify a new owner who is excited to participate in the next phase of our growth.”

“Millennium Entertainment has become one of the top players in the independent realm,” stated Stephen Prough, Co-founder of Salem Partners. “With a pipeline of high profile films and direct distribution in all media in the United States, Millennium is a new entrant into the mini-major arena.

Millennium Entertainment’s management team intends to remain intact and will continue to operate the company and support new ownership in the event of a sale.