Acuity Law Advises Facilities by ADF On Acquisition of Location One
Key Contact: Beverley Jones & Tom Saunderson
Author: Tom Saunderson
Acuity is pleased to have advised Facilities by ADF plc (ADF) on its acquisition of Location One, the UK’s largest integrated TV and film location service and equipment hire company.
ADF is the leading provider of premium serviced production facilities to the UK film and high-end television production (HETV) industry and serves customers in an industry that has experienced significant growth in recent years, with additional demand driven by a material rise in the consumption of film and HETV content via streaming platforms such as Netflix, Disney, and Amazon Prime.
The acquisition of Location One will provide complementary services to ADF with cross-selling opportunities, moving ADF towards becoming a one-stop shop for the UK film and HETV industry.
The acquisition is being structured by initial consideration of £4.43 million paid in cash alongside the issue of 3,407,419 new ADF ordinary shares, and additional contingent earn-out consideration of up to £2.66 million, payable in cash installments subject to business performance thresholds over a 36-month period.
Commenting, Marsden Proctor, CEO of ADF, said:
“This acquisition will enable us to provide the very best services the industry has to offer under one roof, as the UK continues to experience an increasing influx of inward investment and production and as we see the demand for content reaching record levels. It is yet another example of our commitment to accelerating growth since IPO and a reflection of the hard work across all teams at ADF. We see great opportunity for this acquisition and look forward to working with the Location One team to continue to build on this momentum”
Corporate Partner Beverley Jones and Senior Associate Tom Saunderson led the transaction, with cross-departmental support from Steve Morris, Joe Rogers, Beth Gilbert and Adam McGlynn.
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