Henley-on-Thames: HMT advises on MBO of Procam Television

Corporate finance, audit and tax firm HMT, led by partner Andrew Thomson and director Paul Read, has advised Newco and existing management on the buyout of Procam Television, 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 its 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 past 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 buyout 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.

Foresight investment director James Livingston 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.”

Cardrick said:

”HMT was an invaluable partner for us – their constructive feedback, timely expert advice and in-depth review underpinned the deal, helping ensure investor confidence. We can now focus on fulfilling our ambition to grow into new sectors and geographies.”