Bridgend-based Facilities by ADF, which provides trailers to the high-end television and film industry, has expanded with the acquisition of the sector’s biggest service and equipment hire company Location One.
Based on a blend of cash, shares and the future performance of Location One, the total consideration could be worth £8.86m.
Established in 1992, ADF has grown to become a leading provider production facilities with its fleet of over 500 trailers and vehicles. The business, which floated on London’s Alternative Investment Market in January, has worked closely with Location One - whose customers Amazon Studios, Netflix, Warner Brothers and the BBC - on productions including the Crown, Top Boy, Lazarus, Becoming Elizabeth, Embankment, My Lady Jane, and the Gentleman. Location One’s offer includes generators, water bowsers and lighting equipment. Headquartered in Barking and with locations in London, Surrey, Bristol, Newport, Manchester and Newcastle, it employs 80.
For the year ended 30 September 2022, Location One generated unaudited revenues of £9.24m and an adjusted Ebitda of £2.08m. The acquisition is expected to be immediately earnings accretive. Location One’s executive management, led by founder and managing director, Crispin Hardy, and other employees will be joining the ADF group.
ADF’s chief executive, Marsden Proctor, said: “We have worked with and admired Crispin and his team at Location One for many years as we have a long and excellent track record of working together on productions across the UK. With both businesses committed to providing high-quality equipment and customer service levels, along with having similar cultural values and impressive sustainability credentials, we are particularly excited by the strategic fit of the two organisations.
“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 (float) 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.”
Mr Hardy said: “By joining forces with Facilities by ADF, we will be capable of bringing a compelling and expanded offering to the UK film and production industry at a time when demand for our products is at an all-time high. We are excited to continue building on our longstanding relationship with Mars and his team and aligning ourselves with a well-financed company to explore and accelerate growth opportunities moving forward - particularly in the environmental space where there is huge opportunity.”
Following the announcement ADF’s share price was more than 10% up. To support its expansion plans, ADF recently opened an office in Glasgow.
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