Foresight Group has supported the £1.8 million management buy-out (MBO) of Procam TV through four of its venture capital trusts (VCTs).
The broadcast hire company, which provides camera equipment and crew to broadcasters, production companies and blue chip organisations, has also added Clive Jones, former CEO of Carlton Television, as chairman.
The MBO is being led by current managing director John Brennan and will support its strategy to secure a larger market share by launching new facilities and services.
New chairman Jones was CEO of Carlton TV from 1996 till 2004 and chairman of GMTV from 2004 till 2010. He also holds chairmanships at AIM-listed television company Netplay and New York-based Energetic Communications.
Procam TV, which is based in London, is a supplier to BSkyB, BBC and ITV and claims to have the largest stock of HD cameras in the UK. It has supported TV shows including Made in Chelsea, The Great British Bake Off and Derren Brown.
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Brennan comments, ‘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.’
Procam TV recently invested £500,000 in Sony’s new 4K cameras, which are seen as soon becoming the product of choice for the industry.
James Livingston, investment director at Foresight, adds, ‘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.’
