Procam TV completes £1.8m management buy-out
Foresight Group-backed takeover will see Clive Jones CBE appointed chairman of broadcast equipment provider
Broadcast hire company Procam TV today announced it has completed a £1.8m management buy-out of the business, led by its existing management team.
The takeover, which was financed by private equity firm Foresight and NatWest Bank, will see former chief executive of Carlton Television Clive Jones CBE appointed as chairman.
Battersea-based Procam provides camera equipment and crews for broadcasters, production companies and blue-chip organisations across the UK and internationally.
Since launch 20 years ago the firm has since grown to 70 staff and has become the predominant private broadcast hire provider to the UK TV industry, providing its services to shows including Made in Chelsea and The Great British Bake Off.
It has seen particular growth in the last four years, doubling revenue following its investment of £500,000 in Sony’s ‘super high-definition’ 4K camera technology.
The deal will see existing managing director John Brennan continue in his current role, with existing senior staff Paul Sargeant and Helen Cardrick receiving directorship appointments.
Incoming chairman Clive Jones CBE has an extensive background in the British television industry. He was the chief executive of Carlton Television (now ITV London) from 1996-2004 and was chairman of GMTV from 2004-2010.
The £1.8m funding will be used to accelerate the company’s plans for growth in the UK and internationally, with new products and services to be announced in the coming months.
John Brennan, managing director of Procam, 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 of Foresight Ltd, 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.”