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Boomerang Plus plc (LSE:BOOM), an independent production company in the United Kingdom, is to be sold to a group led by former BBC1 Controller and Chief Executive Officer of Talkback Thames, Lorraine Heggessey, and re-launch the company under the a new name headed by the same management team.
Boom Pictures Limited, the entity making the offer, was formed by Heggessey and private equity firm LDC, which identified Boomerang as an “attractive investment opportunity”.
According to the offer document submitted today, the buyers stated the Boomerang is “ideally positioned to be the platform asset” with solid revenues and “a proven track record of acquiring and integrating a number of businesses”.
However, Boomerang’s independent directors said that the company “appears to lack the access to capital and relationships with key broadcasters necessary if it is to grow significantly as a producer of network programmes and a consolidator of other independent TV production businesses”.
Back to the Limelight
The deal marks Heggessey’s return to the independent production sector, after stepping down from Talkback Thames in 2010, The Guardian reported.
Heggessey was Chief Executive of Talkback Thames from 2005 to 2010 and was in-charge of such productions as The X Factor, Q1, and Green Wing. Prior to that, she was BBC One’s first female comptroller, a post she held for five years.
“Since leaving that role, she has been searching for an opportunity to invest in an independent TV production business to serve as a platform to build a significant, new creative group focused on the production and ownership of intellectual property,” the offer document stated.
Heggessey herself stated she can’t wait to be working with “talented creatives” in developing and producing wonderful programmes through Boom Pictures.
The Vision
The new production company, which will be chaired by Heggessey, envisions producing high quality content, aiming to establish “excellent relationships with broadcasters, advertisers, and talent” in multiple geographies.
Huw Eurig Davies, the current Chief Executive of Boomerang, will become Chief Executive of the new group and will lead the same team, with the exception of three directors who will resign from the Board of Boomerang upon completion of the takeover.
CEO Comments
Commenting on the deal and highlighting the significance of Heggessey, CEO Davies stated:
“This is a very exciting time for Boomerang. Lorraine’s reputation and track record within the television broadcasting and production sector are second to none. Working together with Lorraine and LDC is a significant move as we continue to develop our strategy of building a strong international creative business headquartered in Wales.”
Company Spotlight
Boomerang Plus plc is a UK-based producer of local and international programmes including extreme sports, drama, comedy, live events, children’s programmes, web contents, and radio broadcasts.
The company was founded in 1994 and joined the Alternative Investment Market in 2007.
Shares of Boomerang Plus jumped 46% to 74.50 pence per share, close to the 77 pence a share offer that valued the company for £7.1 million.
