Procam TV completes MBO10 May 2013
Broadcast hire company, Procam TV has completed a management buy-out of the business, led by its existing management team, and backed by private equity firm Foresight Group and incumbent bankers NatWest, will enable Procam to embark on its next ambitious phase of growth.
Foresight is investing £1.8 million by way of equity and debt through Foresight VCT, Foresight 2 VCT, Foresight 3 VCT and Foresight 4 VCT, giving it a significant minority stake in the business. The company also announced that former CEO of Carlton Television, Clive Jones CBE, has been appointed as Chairman.
Procam TV has been providing camera equipment and crew to many of the biggest broadcasters, production companies and blue chip organisations throughout the UK and internationally for over 20 years. It is a preferred supplier to BSkyB and an approved supplier for BBC and ITV. Over the last four years growth has been particularly rapid, with revenues doubling following the introduction of new camera formats.
According to the company it has the largest stock of HD cameras in the UK and continues to lead the way technically, most recently investing £500,000 in Sony’s new 4k cameras – the largest single transaction of its kind in the broadcast hire industry.
A core objective for the new management team is to accelerate the company’s expansion, with plans to capture greater market share by launching new facilities and services due to be announced in the coming months.
The management buy-out team is led by current Managing Director, John Brennan, with other existing senior staff now also appointed as company Directors.
John Brennan, Managing Director, Procam TV, said: “In Foresight we have found a superb partner that shares our passion for TV and our ambition to grow into new sectors and geographies. There is currently enormous demand for quality content from traditional broadcasters as well as from new online media players. Our business is thriving as we help production companies fulfil that demand cost-effectively."
James Livingston, Investment Director, Foresight said: "Foresight is delighted to support the MBO and looks forward to working closely with John Brennan and his management team in achieving the company’s growth objectives. Procam has an unparalleled reputation in the broadcast market. Their ability to combine a broad inventory of high quality equipment with expert crew is widely respected. This is an asset we see being in high demand as broadcasters commission more and more quality content."
Clive Jones CBE, the newly appointed Chairman of Procam TV, has held a string of top executive and board roles in British television during his career, including CEO of Carlton TV from 1996 to 2004 and Chairman of GMTV from 2004 to 2010. Clive commented: “I’m delighted to be joining the Procam TV team at such an exciting time and look forward to helping the company fulfil its ambitions in every way I can.”