MBO of Procam Television
HMT LLP advised Newco and existing management on the buy-out of Procam Television Limited, the UK’s largest broadcast hire company. Specialist private equity firm Foresight Group backed the transaction with a £1.8 million investment.
Headquartered in Battersea, London, with additional facilities in Manchester, Procam provides camera equipment and crew to many of the largest broadcasters, production companies and blue chip organisations in the UK. A technical leader in their field, Procam has the largest stock of HD cameras in the UK and is a preferred supplier to BSkyB. Other notable customers include BBC and ITV. With revenues doubling over the last four years, a key objective for the new management team is to accelerate the company’s expansion and capture greater market share by launching new facilities and services.
The buy-out team was led by current Managing Director John Brennan, with Clive Jones CBE, formerly CEO of Carlton TV and Chairman of GMTV, appointed as Chairman, and Helen Cardrick joining as Finance Director. Foresight Group and NatWest provided equity and debt funding, with the former taking a significant minority stake in the business. HMT undertook financial due diligence for Foresight Group.
James Livingston, Investment Director at Foresight, commented:
“HMT really dug into the business and produced some great FDD, with key insights being backed up by the requisite attention to detail. Importantly, the review also provided some excellent recommendations for future business improvements, which will help Procam continue on its growth trajectory.”
Helen Cardrick commented:
Paul Read commented:
“We are delighted to have advised Helen and her colleagues on this buy-out, as well as James and his team on their significant investment in the business. Procam operate in an exciting market, where they are undoubtedly a leader, and we look forward to working with management and their investors as the firm embarks on its next stage of growth.”
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