LDC, the leading regional mid-market private equity house, has completed the £7.1 million P2P of Boomerang, one of the UK’s most successful and fast-growing media production groups.
LDC, together with senior members of the Boomerang management team and Lorraine Heggessey, a former Controller of BBC One and Chief Executive of Talkback Thames, formed Boom Pictures to make a recommended cash offer for the firm in June this year. This was declared accepted and unconditional today. Following this, Boomerang has applied for cancellation of its admission on AIM, which is expected to take place in late August.
Lorraine Heggessey is taking the role of Executive Chair while current Boomerang CEO Huw Eurig Davies will be the new company’s CEO. Boom Pictures will be headquartered in Boomerang’s current Cardiff offices.
Boom Pictures aims to be a production company that develops high-quality programming and fosters more output from the home nations and regions. Boom aims to become an attractive partner for both independent and creative TV companies, which would benefit from additional investment and the expertise of senior industry executives.
Boomerang is ideally placed to be the platform for the new business. Established in 1992 Boomerang is a thriving production group. The firm comprises a group of companies whose activities include programme production, post-production services, television facilities and talent management. Boomerang has recently expanded its network programmes through the acquisitions of Indus Films and Oxford Scientific Films. Boomerang also has a growing branded content division working with major brands such as BT, Bacardi and Red Bull.
In LDC, we have an investor with a great track record in understanding the complex demands of building a media company
Lorraine Heggessey
Executive Chair, Boom Pictures
Daniel Sasaki, Managing Director of LDC London, comments:
“LDC has a strong investment track record in media investing, including a successful exit from TV production company Mersey TV. LDC believes the UK TV production sector has strong growth prospects, at home and abroad, especially as the digital age and the rise of social and mobile media increasingly stretch the traditional distribution models for video content. This is one of the reasons we announced last year a commitment to invest £200million in the TMT sector over the next two years.
“We are excited about the opportunity to back Lorraine Heggessey, a leading light of the industry, in partnership with the management of Boomerang, who are an innovative and experienced team that has consistently punched above its weight. We believe this combination can drive significant growth when Boomerang is released from the confines of the public markets. In return, LDC has the resources, skills and track record to help management accelerate the development of their business.”
Lorraine Heggessey, Executive Chair of Boom Pictures, commented:
“I am delighted to be teaming up with Boomerang and LDC to launch Boom Pictures, a new production business in the UK’s vibrant independent sector.
“It has taken time, but I have found two ideal partners who embrace my vision for a company that will be truly independent in spirit and will have creativity at its heart. Huw Eurig Davies and his team have built a thriving production group that is ready for expansion. In LDC, we have an investor with a great track record in understanding the complex demands of building a media company and with the resources to support Boom Pictures as it grows.
I believe we offer an attractive alternative for a number of production companies out there who have the creativity and drive to succeed but need resources, contacts and the know-how to fully realize their potential.
Now is the time for me to capitalize on the vast experience I have of the broadcasting and production sectors and to set off on this new adventure.”