Acquisition by Procam of HotCam New York
HMT LLP led by partner Paul Read undertook due diligence for private equity backed television equipment specialist Procam Television (“Procam”) on their acquisition of US-based camera rental company HotCam New-York (“HotCam”).
Procam, headquartered in London with additional facilities in Manchester, Scotland and Leicester, and backed by specialist private equity firm Foresight Group, provides 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.
HotCam New York was established in 2004 by sound mixer Trevor Hotz and partner Ali Grapes, as an off-shoot of HotCam UK. The company has a long list of high-profile US shows to its credit, including The Tonight Show Starring Jimmy Fallon, American Pickers and Teen Mom.
The acquisition of HotCam enables Procam to provide its expanding US client base with the same levels of service and expertise it is renowned for across the UK, while also supporting UK-based clients shooting in the US. Procam plans to expand HotCam New York’s offering in the US and grow US activities materially in the next 12 to 24 months.
The strategic purchase was led by Procam’s Group CEO, John Brennan and backed by private equity firm, Foresight Group.
HMT led by Paul Read undertook financial due diligence for Procam on the acquisition.
Helen Cardrick, Group Financial Director at Procam commented:
This is the fourth deal that Paul Read and the team at HMT have been involved with. Paul understands the drivers of our business and adds value by flagging commercial issues that need to be addressed pre and post deal.”
James Livingston at Foresight commented:
“Entering the largest market in the world is an intimidating undertaking and having HMT as trusted advisors alongside us during the transaction was a key ingredient in getting the deal completed.”
Paul Read commented:
“We were delighted to have worked with Procam and Foresight on their expansion into the US market. This is their third acquisition since the MBO and we look forward to working with the Management team on the next phase of growth.”