Henley-on-Thames: HMT advises Procam on acquisition of Take 2

HMT LLP, the independent advisers based in Henley-on-Thames, were led by partner Paul Read and assistant manager Viqas Chohan in undertaking due diligence for the private-equity-backed television-equipment specialist Procam Television on its acquisition of leading supplier of camera equipment Take 2 Films. Procam has purchased the complete camera-and-grip inventory of Take 2’s business for an undisclosed amount, and is also taking on all the company’s camera-and-grip staff, while maintaining and investing in the Take 2 brand. 

Procam, has its headquarters in London, with additional facilities in Manchester, Scotland and Leicester; and it is backed by specialist private-equity firm Foresight Group. It 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. 

Take 2, established in 1999, provides top-tier digital and film-camera equipment, advice and support to high-profile motion pictures 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. 

 The acquisition ushers in a new phase of development for Procam, 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, the Take 2 and Procam Group company True Lens Services (TLS) is 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.  

Read commented: “We were delighted to have worked with Procam and Foresight on their successful fourth bolt-on acquisition since the MBO in 2013. With its ambitious growth plan, Procam is well placed to become one of the biggest broadcast-hire and production-services companies globally.” 

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 it was able to produce expert analysis within the required deadline, and to raise useful points for further review.” 

James Livingston, partner at Foresight, commented: “With HMT’s previous experience and knowledge of Procam, it was able to pull together very rapidly the vital analysis which helped get the deal over the line in a demanding timescale.”