Procam Television is pleased to announce it has completed a management buy – out of the business led by the existing management team. 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 MBO, which is backed by private equity firm, Foresight Group (Foresight) and incumbent bankers NatWest, will enable Procam to embark on its next ambitious phase of growth. The company also announced that former CEO of Carlton Television, Clive Jones CBE, has been appointed as Chairman.
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 comments: "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."
Clive Jones is the Chairman of Procam TV, Netplay, the AIM listed interactive television company, Energetic Communications, the New York Marketing and Events Company and a non-executive director of S4C Masnachol, the commercial arm of the Welsh public service broadcaster. He recently completed a five year term as chairman of GMTV, Britain's most popular breakfast television station. Clive is also chairman of the Disasters Emergency Committee, the umbrella organisation that unites all the UK's leading aid and humanitarian agencies, London Metropolitan University, the capital's biggest, The Runnymede Trust, Britain's leading diversity think tank and a visiting Professor at the School of Journalism at Cardiff University.
Until he stepped down in 2007, he was the Chief Executive of ITV News and Regions and the longest serving senior executive in ITV. He also sits on the board of the Young Vic Theatre, The Thompson Foundation and Legacy Trust UK, one of the main funding bodies for the Cultural Olympics. He was awarded a Fellowship of the Royal Television Society in 1995 and it's Gold Medal, the Society's highest award, in 2007. In the same year he was awarded a CBE in the Queen's Birthday Honours List for services to broadcasting.
John Brennan, Group CEO, 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."
Foresight is an independent specialist private equity, environmental and infrastructure investor, which focuses primarily on investments in unquoted UK and European companies or projects and offers investors exclusive access to attractive income and growth opportunities. Foresight has in excess of £650 million assets under management across a number of funds, including Limited Partnerships, Enterprise Investment Schemes (EIS) and Venture Capital Trusts (VCTs).
Foresight's Private Equity team, comprised of ten investment professionals, invests between £1m and £5m in management buy-outs, management buy-ins and growth capital investments in UK SMEs.
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. Procam has the largest stock of HD cameras in the UK and continues to lead the way technically, most recently in the provision of new super high-def '4K' cameras that industry insiders expect to be used throughout the market in the next few years offering 4x the resolution of current high definition. Procam recently invested £500,000 in Sony's new 4K cameras – the largest single transaction of its kind in the broadcast hire industry.
Headquartered in Battersea, London, with additional facilities in Manchester, Procam employs 70 people and has supported many of the UK's best loved shows, including Made in Chelsea, ITV's Splash, Watch's The Incredible Mr Goodwin, BBC2's The Great British Sewing Bee, Derren Brown and The Great British Bake Off.