BACK COVER
Intellectual Property leads global market deals About Us
For further information or to arrange ACF is an international investment bank specializing a meeting please contact us: in buying, selling and fundraising for businesses in intellectual property, content creation and international distribution. Thomas Dey Richard Gray Chief Executive Officer Managing Director Our team of market leading industry experts can US Direct: +1 424 332 0451 US Direct: +1 424 332 0458 provide a variety of services from assisting business [email protected] [email protected] owners in developing and implementing strategies for growth or sale, to helping large corporations or financial Sachin Dosani Tom Manwaring players to deliver their objectives. Managing Director Managing Director US Direct: + 1 646 923 7445 UK Direct: +44 207 467 9604 Our approach is to preempt the steps necessary [email protected] [email protected] to optimize the success of the proposed strategy
through utilizing our extensive track record and Los Angeles New York industry knowledge. 1900 Avenue of the Stars 747 Third Avenue Suite 2460 Suite 25B Los Angeles, CA 90067, USA New York, NY 10017, USA Switchboard: Switchboard: “Recognized brands continue to grow in the emerging +1 424 332 0450 Switchboard: +1 646 923 7444 world of multiplatform consumption. Global markets also bring global competition with only the strongest London Website: brands gaining market share.” Moray House www.acfib.com 23-31 Great Titchfield Street Thomas Dey, Chief Executive Officer London W1W 7PA, UK Email: ACF Investment Bank Switchboard: [email protected] +44 (0) 207 467 9600
1 Our Services
Our team has been the market leader Preparation in the media sector for over a decade. The financial information needed to operate a business differs from that to sell or raise finance for your business. We work with business owners, large ACF can help you both identify what is needed and assist corporations, private equity investors, with implementation. ACF has an experienced team of professionals that can prepare the financial models, bankers, legal advisers and agents. business plans and strategies to unlock funds. We also Our services include: interact with all the main providers of finance and know the right institutions to approach.
Selling Advice You have built an asset with significant global potential and Our wealth of experience has seen what adds value long term value and with the emerging distribution during a sale process and we often assist with strategic platforms now is the time to sell. advice that should add to your eventual sale proceeds. This includes reviewing management objectives, as well Buying as, facilitating and implementing a short to long term We have the experience and breadth of knowledge to strategic plan. identify the right target to bring you the deal that achieves your strategic objective. Mentoring Our team of business mentors can help you review your Fundraising business and the dynamics within the television and film Our team has the experience, resources and skills to assist sector to enable you to get the optimum value from you in raising finance from Private Equity and Banks to your business, and if necessary, help you refocus your support your strategic business plans and future funding business strategy to find the right buyer. requirements.
2 3 Children's Intellectual Property Deals
Paddington and Company
Intellectual Property Paddington and • The Character Company • Publishing • TV Series • Merchandising • Films
Sale of Intellectual Property Rights to Studiocanal ACF acted as Investment Banker to Paddington and Company
"Tom and Hasham at ACF have provided an invaluable role in understanding the opportunity to grow Paddington in all his forms and in quantifying the future value that will be available to a buyer – they very much understand intellectual property businesses. They were creative in their approach and were not fixed in being confined to conventional valuation approaches to a property with such global appeal as Paddington. They were also very astute in structuring a deal to appeal to all parties in the transaction, as well as having a wide range of relationships in the media sector to allow us to ensure we found the right partner in Studiocanal. We very much believe that Paddington is in good hands and look forward to seeing him continue to thrive."
Karen Jankel, Managing Director, Paddington and Company Nicholas Durbridge, Chairman, The Copyrights Group Limited Stephen Durbridge, Director, The Agency 4 5 Unscripted TV Deals
Litton Entertainment
Programming • The More You Know Litton NBC Entertainment • Litton's Weekend Adventure • One Magnificent Morning CW • Dream Team CBS
Sale to Hearst
ACF acted as Investment Banker to Litton Entertainment
“There's a tee shirt I once read that said, "If I had Richard Gray's accent, I'd never stop talking." And through the rigors of selling your company, the sound of his kind voice gets you through. But beyond Richard's melodious Scottish accent, it's his intelligence, fueled by instinct and ACF's experience that I found vital to our successful outcome. Available at all hours. Clear about the complex. Comforting during the ups and downs. ACF made the right decisions at the right time, and everyone benefited. From start to finish, the predicted outcome that ACF orchestrated, came true. If you want to sell your company and want to like your banker more at closing than when you met them, I would not stray from ACF!”
Dave Morgan, CEO 6 Litton Entertainment 57 Ghost Hunters
Pilgrim Studios
Key Titles • Ghost Hunters Pilgrim Studios • Fast N’ Loud • Wicked Tuna • Welcome to Sweetie Pie’s • Ultimate Fighter • Kocktails with Khloe
Sale to Lionsgate Entertainment Corporation ACF acted as Investment Banker to Pilgrim Studios Fast N' Loud
“We could not have found a more perfect partner in this endeavor than ACF and Thomas Dey. Over more than five years, Thomas and his team have been patient and vigilant, ensuring that Pilgrim Studios secured not just a financial partner, but the right partner that saw the value in allowing Pilgrim to retain its freedom, flexibility and independence – the very qualities that have defined our company and propelled us to take risks and break new ground. We thank ACF for a tremendous job and look forward to continuing to thrive in collaboration with our new partners at Lionsgate.”
Craig Piligian, Founder Pilgrim Studios
8 59 Leftfield Entertainment
Key Titles Leftfield • Pawn Stars Entertainment • Real Housewives of New Jersey • Counting Cars • American Restoration
Sale to ITV plc ACF acted as Investment Banker to Leftfield Entertainment Real Housewives of New Jersey
“Since bringing ACF into the fold three years ago, initially to advise on Leftfield's business plan, and then to act as our advisers in the implementation of our M&A strategy, and finally, on the sale of the company, the partnership has been a game changer and a success story that I'm very proud to have shared with – Thomas Dey, Sachin Dosani and the rest of the ACF team. Their expertise in the non scripted business is industry leading.”
Brent Montgomery, Chief Executive Officer Leftfield Entertainment
10 11 A. Smith & Co Productions Top Gear Half Yard 495 Key Titles Productions Productions • Hells Kitchen, USA A. Smith & Co Productions • Kitchen Nightmares, USA • I Survived a Japanese Game Show Sale to BBC Worldwide Sale to Red Arrow Sale to Fremantle Media ACF acted as Investment ACF acted as Investment ACF acted as Investment • Crash Course Banker to Jeremy Clarkson Banker to Half Yard Banker to 495 Productions and Andy Wilman Productions • The World According
to Paris Raw TV The Garden High Noon • Gordon Ramsay: Productions Entertainment Cookalong Live Sale to the Tinopolis Group • Conspiracy Theory ACF acted as Investment with Jesse Ventura Banker to A. Smith & Co Productions Sale to Discovery Communications Sale to ITV plc Sale to ITV plc ACF acted as Investment ACF acted as Investment ACF acted as Investment Banker to Raw TV Banker to The Garden Banker to High Noon “We are very happy to have provided A. Smith & Co Productions Entertainment Productions with guidance and assistance during this exciting phase of its development. The combination and strategic fit between A. Smith & Co Productions and the Left/Right LLC Gurney 19 Entertainment Productions Tinopolis Group will provide a transatlantic powerhouse in TV production.”
Thomas Dey, Chief Executive Officer ACF Investment Bank Sale to Red Arrow Entertainment Group Sale to ITV plc Sale to CKX (Core)
ACF acted as Investment ACF acted as Investment Tom Manwaring acted as Banker to Left/Right, LLC Banker to Gurney Investment Banker to 19 Productions Entertainment
12 13 Magical Elves
Key Titles Magical Elves • Justin Bieber: Never Say Never • Katy Perry: Part of Me • Braxton Family Values • Project Runway • Top Chef • Project Greenlight Sale to the Tinopolis Group
ACF acted as Investment Banker to Magical Elves Katy Perry: Part of Me
“Magical Elves have long been regarded as one of the preeminent producers in the US and it has been a pleasure finding such a good home for them in one of the global leading consolidators Tinopolis. The combined strength of the two groups with strong distribution, international reach and exciting market leading content will make the enlarged Tinopolis group one of the leading players in TV.”
Thomas Dey, Chief Executive Officer ACF Investment Bank
14 15 Orion Entertainment
Key Titles • Building Alaska Orion Entertainment • Mega Decks • Treehouse Guys • Tiny House Big Living • Living Big Sky
Sale to Red Arrow ACF acted as Investment Banker to Orion Entertainment
“A wedding day, the birth of a baby and the sale of one's company are often equal parts electricity, anticipation and terror. I only wish ACF could have been there to guide me through the first two. The non-stop support throughout the sale process – at all hours of the day or night – bordered on the heroic. They were so good, in fact, that I didn't even resent their commission.”
Chris Dorsey, Founding Partner Orion Entertainment/Dorsey Pictures
16 17 Love Productions
Key Titles Love Productions • The Great British Bake Off • The Great British Sewing Bee • Benefits Street • For the Love of Cars
Sale to Sky
ACF acted as Investment Banker to Love Productions
“We are delighted to be joining forces with one of the most exciting and commercially incisive names in the TV business. When Anna and I started discussions with ACF over 2 years ago to assist us with our strategic planning, we hoped to explore a sale at some point – at the time, we never could have envisaged doing the deal we have done with Sky, who hadn’t bought anything significant in the TV production space. ACF managed the whole process from start to finish and had their fingers on the pulse every step of the way. Tom Manwaring in London and Sachin Dosani, now based in New York are the best in the business. We couldn’t have done it without them.”
Richard McKerrow Co-Founder, Chief Executive Officer and Chief Creative, Love Productions 18 19 Jupiter Entertainment
Key Titles Jupiter • Snapped Entertainment • Snapped: Killer Couples • Homicide Hunter • Wild West Alaska • Welcome to Myrtle Manor
Sale to Sky
ACF acted as Investment Banker to Jupiter Entertainment
“ACF is unequivocally the gold standard for strategic investments within the entertainment industry. From the onset, they immediately understood and respected our priorities and helped assess various options in a truly selfless manner. Sachin and ACF’s deep relationships, proven strategic systems, and experienced team, was invaluable in helping us navigate the complex process while safeguarding our interest, which ultimately resulted in us finding the perfect strategic partner. Most importantly, they never lost sight of our goals throughout such an intricate process and I'm eternally grateful for their guidance and friendship. They were truly integral in setting up Jupiter for many more decades of growth and success – this is just the beginning of our relationship with ACF.” Stephen Land, Founder and Chief Executive Officer 20 Jupiter Entertainment 21 The 4400
Renegade
Key Titles Renegade • Naked and Afraid • Fit to Fat to Fit • The 4400 • The Kennedy Detail • Blind Date
Sale to eOne ACF acted as Investment Banker to Renegade
"We found a perfect partner in ACF. Richard, Thomas and Kelly patiently provided support and guidance throughout a complicated process that was a roller coaster ride of many emotions through uncharted territory. They were available at all hours of the day and night as truly patient partners protecting our interests, explaining every complex step of the journey and ultimately setting us up for success with a perfect strategic partner in eOne. We have never felt better about the future growth of Renegade and we are forever grateful to the entire ACF team for their full commitment and tireless work ethic in setting up Renegade for the next exciting chapter in the success of our business."
David Garfinkle and Jay Renfroe 22 Co-President and Chief Executive Officer 23 Renegade 83 Scripted Deals
Neal Street Productions
Key Titles TV Neal Street • Penny Dreadful Productions • Call The Midwife Film • Jarhead • Revolutionary Road • Away We Go • The Kite Runner Sale to All3Media Theater Penny Dreadful • Charlie and the ACF acted as Investment Banker to Neal Street Chocolate Factory Productions Call The Midwife • Shrek the Musical
“All of us at Neal Street are thrilled to be joining forces with All3Media, a company whose philosophy and style feels totally in tune with our own. Tom Manwaring and his team at ACF have guided and supported us through the process of finding the right partner with incredible dedication and attention to detail. They took the time to understand our business, managed the transaction with immense professionalism, and it is difficult to imagine getting to this point without them.”
Sam Mendes, Caro Newling, Pippa Harris, Co-founders Nicolas Brown, Director Neal Street Productions
24 25 New Pictures
Key Titles • The Missing New Pictures • Indian Summers • Shameless • Skins • Wild At Heart • Inspector George Gently • Strike Back • Mad Dogs Sale to All3Media The Missing ACF acted as Investment Banker to New Pictures
“I have worked with Tom for over ten years and have always found his sound advice and guidance invaluable. Both he and Hasham worked tirelessly to make the sale process smooth, transparent and professional. The whole team benefitted greatly from ACF’s expertise. This is a very exciting new phase for New Pictures. We have a long and successful history with All3 Media, Jane Turton and her team and we are looking forward to working together even more closely to grow our slate both in the UK and internationally.”
Charlie Pattinson, Chief Executive Officer New Pictures
26 Indian Summer 27 Left Bank Pictures
Key Titles TV Left Bank Pictures • The Crown • Strike Back • Wallander Film • The Lady • The Damned United Strike Back Sale to Sony Pictures Television
ACF acted as Investment Banker to Left Bank Wallander Pictures
“The whole team at ACF have been incredible throughout the process of the sale. No one should underestimate the sheer amount of knowledge and expertise required to undertake a sale, and Thomas Dey and Sachin Dosani have walked us through with patience and understanding as well as a great sense of humour! ACF understood and took on board what our ambitions were for the Company, and never lost sight of what was most important to us – both creatively and business wise. Their handling of the deal itself has been superb. I could not recommend them more highly.”
Andy Harries, Chief Executive Officer and Marigo Kehoe, Managing Director Left Bank Pictures 28 29 Mammoth Screen Productions
Key Titles Mammoth Screen • Poldark Productions • Parade's End • Endeavour • Remember Me
Sale to ITV plc Poldark ACF acted as Investment Banker to Mammoth Screen Productions
“ACF have represented Mammoth from the beginning and have always understood the priorities of the shareholders. Tom Manwaring and Sachin Dosani's experience of the complexities of structuring and negotiating these types of deals allowed them to fully safeguard the objectives of all shareholders throughout the process. ACF's knowledge of the scripted business is unparalleled and has made the process enjoyable and easy.”
Michele Buck, Managing Director Mammoth Screen
30 Parade's End 31 Thinkfactory Media
Key Titles Thinkfactory • Hatfields & McCoys Media • Texas Rising • Gene Simmons Family Jewels • R&B Divas: Los Angeles • R&B Divas: Atlanta • Preachers' Daughters • Marriage Boot Camp • The Hook Up Sale to ITV plc ACF acted as Investment Banker to Thinkfactory Media
“Thanks to ACF's Thomas Dey and Richard Gray for their unique insight. Without their tremendous help, we wouldn't have been able to orchestrate this wonderful marriage between these two companies; because of their brilliant efforts, we look forward to a lifelong adventure and successful ride with ITV.”
Leslie Greif, Chief Executive Officer Thinkfactory Media
Gene Simmons Family Jewels 32 produced by Leslie Greif 533 Children'sRefinance Intellectual and Capital Property Deals
Carnival Films Shed Media Slim Film & RDF Television Purple Ronnie Chorion Television S
Acquisition of Rights to Slim Film & Television Agatha Christie Take private raises investment from IP Ownership Sale to NBC Universal backed by Warner Bros Seven West Media AIM Flotation Sale to Coolabi Thomas Dey acted as Tom Manwaring acted as ACF acted as Investment Tom Manwaring acted as Tom Manwaring acted as Malcolm Gardner acted Investment Banker to Investment Banker to Banker to Slim Film & Investment Banker to RDF Investment Banker to Purple as CFO for Chorion Plc Carnival Films Shed Media Television Television Ronnie
October Films Company Pictures Morgan Creek International
(Inverness Distribution Limited)
Sale of stake in Raw TV New earn-out structure Sale to Revolution Studios Thomas Dey and Sachin Tom Manwaring acted as ACF acted as Investment Dosani acted as Investment Investment Banker to Banker to Morgan Creek Bankers to October Films Company Pictures International
Bwark Productions Objective Mainstreet Pictures Darrall Macqueen Productions
Acquisition from Advised Mainstreet in the Southern Star Sale to Zodiak Sale to All3Media sale of TwoFour to ITV plc Thomas Dey and Sachin Tom Manwaring acted as Tom Manwaring acted as ACF acted as Investment Dosani acted as Investment Investment Banker to Investment Banker to Banker to the Mainstreet Bwark Productions Objective Productions Management Team
34 35 Digital Deals
Barcroft Media
Key Titles • Bear Grylls Adventure Barcroft Media • The Amazing Side of Life
• Custom Cars • Extreme Mods • Supercars • Incredible Heights • Amazing Adventure Stories • Pushing The Limits • Amazing Real Life Stories Channel 4 Minority • Unbelievable Bodies Investment • Medical Marvles ACF acted as Investment • Animal Rescue Banker to Barcroft Media • Monkeying Around • Wonderful Life
"When it comes to winning investment, Tom and the team at ACF have a wealth of insight and experience. We had a number of interested parties and in a complex environment, Tom's stewardship and counsel was most helpful. We are incredibly excited about our new partnership with Channel 4 and look forward to using this investment to boost our growth."
Sam Barcroft, Chief Executive Officer Barcroft
36 37 Rapid Blue
Key Titles Rapid Blue • SA's Got Talent (ETV) • The Great South African Bake Off (BBC Lifestyle) • X Factor South Africa (SABC 1) • Strictly Come Dancing (SABC 3) • Pawn Stars SA (History)
Sale to BBC Worldwide
ACF acted as Investment Banker to Rapid Blue
“We spent a while meeting with a few advisory firms and chose ACF as our advisers, as they are specialists in the media and television market and they have done this sort of thing many, many times over. It was a great pleasure working with the team, we genuinely couldn’t have done it alone. In the BBC, we’ve found a partner who understands us, our culture and our business and we’re thrilled to have joined forces with such a like-minded organisation. I look forward to a bright and prosperous future together.”
Duncan Irvine, Chief Executive Officer and Kee-Leen Irvine, Managing Director Rapid Blue
38 39 Acquisitions
Leftfield Entertainment Shine Group
Key Titles Key Titles Leftfield • Pawn Stars • Ashley Banjo's Shine Group Entertainment • American Restoration Secret Street Crew • Counting Cars • Chef's Protégé • Cajun Pawn Stars • Master Chef • Oddities • Eddie Stobart Trucks and Trailers • Saturday Farm • Britain's Best Bakery Acquisition of Sirens Media Acquisitions
ACF acted as Richard Gray acted as Investment Banker to Investment Banker to the Leftfield Entertainment Shine Group
“In a little less than a year I was able to sit down with ACF “Thomas Dey handled one of the most important moments and Thomas Dey and develop a strategy to realize my in my life with perfect intuition, a real understanding of my dreams of doing something bigger than just a production aspirations and fears, a wealth of experience and company and build an entertainment group. The professionalism, constant care and attention to detail, acquisition of Sirens Media is the first of several steps in utter professionalism and a smile and healthy attitude that plan. To be the first in the States to do a deal in this every time we met. He always made me feel that I was his only client. He secured exactly the deal I wanted - and sector with bank financing was also something we could some. He is a smart, sophisticated, intelligent man who not have done without ACF's leadership.” knows his sector like the back of his hand and takes Brent Montgomery, Chief Executive Officer seriously the need to understand his clients' sometimes Leftfield Entertainment complex desires. He has also remained a good friend. I would wholeheartedly recommend him to anyone contemplating a sale of a creative business.”
Nick Curwin, The Garden Productions Ltd formerly joint Chief Executive Officer of Dragonfly Film 40 and Television Productions 41
Fundraising Refinance and Capital Leftfield Entertainment Tarsus
Key Titles Key Titles Leftfield • Pawn Stars Tarsus Entertainment • Media Services • American Restoration • Exhibitions • Counting Cars • Publishing • Cajun Pawn Stars • Aviation • Oddities • Medical • Packaging • Clothing Acquisition Finance • Automotive Acquisition Finance ACF acted as Investment ACF acted as Debt Banker to Leftfield Advisor to the Tarsus Entertainment Group Plc
“We believe this transaction marks the start of a new “We are delighted with our new banking facilities. These chapter in the USA independent TV Production sector and have met all the objectives we aimed for at the outset are pleased to have supported Brent Montgomery and the of the process and will help support Tarsus in achieving Executive team in securing a tailored funding package our strategic goals. We look forward to working with provided by a core group of relationship banks on our new bank group over the next few years." competitive terms.” Dan O’Brien, Group Finance Director Richard Skelley Tarsus Group Plc Head of Banking and Debt Restructuring ACF Investment Bank
42 8 43 Other Transactions
Windfall Films CPL Productions 12 Yard Productions
Advised management of 12 Yard Productions on negotiation of the terms of Sale to Argonon Sale to Red Arrow their incentivisation.
ACF acted as Investment ACF acted as Investment ACF acted as Investment Banker to Windfall Films Banker to CPL Productions Banker to 12 Yard Productions
Argonon Argonon Passion Distribution
Acquisition of Remedy Productions Acquisition of Leopard Films Sale to the Tinopolis Group ACF acted as Investment ACF acted as Investment ACF acted as Investment Banker to Argonon Banker to Argonon Banker to Passion Distribution Limited
Base Rain Media Mainstreet Pictures Productions Entertainment
ACF advised Laura Mackie and Sally Haynes on the formation of their new Sale to the Tinopolis Group Sale to the Tinopolis Group Indie Mainstreet Pictures ACF acted as Investment ACF acted as Investment ACF acted as Investment Banker to Base Banker to Rain Media Banker to Mainstreet Productions Entertainment Pictures
44 Content leads to escalation of deal activity in 2016
This publication has been prepared only as a guide. No responsibility can be accepted by us for loss occasioned to any person acting or refraining from acting as a result of any material in this publication. All rights reserved. www.acfib.com ACF Investment Bank is authorised and regulated by the Financial Conduct Authority registration number 525979 | © 2010 ACF Investment Bank