Acquisition of True Lens Services by Procam TV
HMT LLP undertook due diligence for private equity backed television equipment specialist Procam TV on their acquisition of British broadcast and cinematic lens innovator True Lens Services Ltd.
Procam, headquartered in London with additional facilities in Manchester and Scotland, and backed by specialist private equity firm Foresight Group, provides 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.
TLS is famous for its lens innovation, with an unbeatable reputation in the design, manufacture and servicing of lenses and support equipment. This year, TLS created a bespoke digital conversion of the classic 1950’s Cooke Speed Panchro lens for the Oscar-tipped Mr Turner(2014). Its first-class lens engineering capabilities can also be seen in The Bourne Series (2002-2012) and the James Bond film Casino Royale (2006) which both featured the custom designed Morpheus lens.
Procam has experienced rapid organic growth since its management buy-out in May 2013 and with the added boost of the acquisition, revenues have doubled from £5m to £10m. The acquisition of TLS will enable Procam to support its long term product development strategy by offering bespoke lenses and tailor-made packages to its client base. The move will provide new lens solutions to the shooting challenges the UK production industry faces on the frontline.
The strategic purchase was led by Procam’s Group CEO, John Brennan and backed by private equity firm, Foresight Group. Colin Sanders and Keith Truslove, founders of TLS, will remain involved in the business as the company is incorporated into the wider Procam Group.
HMT undertook due diligence for Procam on the acquisition.
Helen Cardrick, Group Financial Director at Procam commented:
James Livingston at Foresight commented:
Paul Read commented:
“We were delighted to have worked with Procam and Foresight on their successful second 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. We look forward to working with Procam and Foresight on further acquisitions.”
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