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Facilities by ADF PLC - provider of production and support vehicles for the TV and film industry - Buys Location One Ltd, the UK's largest integrated TV and film location service and equipment hire company, for an initial consideration of GBP4.4 million in cash, with the issue of 3.4 million new shares. Says Location One customer base includes Amazon Studios, Netflix, Warner Brothers and the BBC, providing complementary services to that of ADF. Says there is an additional contingent earn out consideration of up to GBP2.7 million, which can be paid in cash instalments over a 36-month period. Facilities expects the acquisition to be immediately earnings accretive.
For the year that ended on September 30, Location One records a revenue of GBP9.2 million and an adjusted earnings before interest, tax, depreciation and amortisation of GBP2.1 million.
Chief Executive Officer Crispin Hardy says: "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."
Current stock price: 62.50 pence, up 14% on Thursday morning in London
12-month change: up 15%
By Xindi Wei; xindiwei@alliancenews.com
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