HMT LLP undertook due diligence for private equity backed television equipment specialist Procam Television (“Procam”) on their acquisition of leading supplier of camera equipment Take 2 Films (“Take 2”).
Procam, headquartered in London with additional facilities in Manchester, Scotland and Leicester, and backed by specialist private equity firm Foresight Group, is the UK’s largest provider of camera equipment and crew to many of the largest broadcasters, production companies and blue chip organisations in the UK. Notable customers include BBC, ITV and BSkyB.
Established in 1999, Take 2 provides top-tier digital and film camera equipment, advice and support to high-profile motion picture and episodic TV series, including US shows shot in the UK. Take 2’s movie credits encompass The King’s Speech, The Imitation Game, Paddington and Pride. Take 2 also has multiple TV credits including Wolf Hall, Undercover, London Spy, The Tunnel and the forthcoming third series of Peaky Blinders.
Procam has purchased the complete camera and grip inventory of Take 2’s business for an undisclosed amount, and is also taking on all of the company’s camera and grip staff, whilst maintaining and investing in the Take 2 brand.
The acquisition of Take 2 by Procam ushers in a new phase of development for the West London company, beginning immediately with a recruitment drive to support several areas of Take 2’s business. Procam will also finance a substantial investment in new camera equipment for Take 2 and is spearheading plans to launch the Take 2 brand in Los Angeles. Additionally, Take 2 and Procam Group company True Lens Services (TLS) are collaborating on the development of a new lens family supporting 4K, 6K and 8K high-resolution sensors, due for release at the end of 2016.
HMT led by Paul Read and Viqas Chohan undertook financial due diligence for Procam on the acquisition.
Helen Cardrick, Chief Commercial Officer at Procam commented:
“HMT has provided FDD services on a number of our transactions. This time we were up against the clock even more than usual and they were able to produce expert analysis to the required deadline and raise useful points for further review.”
James Livingston, Partner at Foresight commented:
“With HMT’s previous experience and knowledge of Procam and its previous acquisitions they were able to rapidly pull together vital analysis which helped get the deal over the line in a demanding timescale.”
Vince Wild, director of Take 2, commented:
“The acquisition by the Procam Group brings many advantages to Take 2 and our clients can rest assured it is very much business as usual. The combined knowledge of the two companies will benefit producers working in all genres of production. Across the group, they can access the widest range of cameras, lenses and production equipment in the rental market, as well as the latest and greatest technology as it is released. With features and TV dramas being shot in multiple locations throughout the UK, Procam’s regional presence is also of significant added value to Take 2’s clientele.”
“We were delighted to have worked with Procam and Foresight on their successful fourth bolt-on acquisition since the MBO in 2013. With ambitious growth plan, Procam is well placed to become one of the biggest broadcast hire and production services companies globally and we look forward to working with Procam and Foresight on further acquisitions.”