Olswang, the leading international Technology, Media and Telecoms firm, have advised the management team on the management buy-out of Boomerang Plus plc (Boomerang), financed by Lloyd's Development Capital (LDC). The offer values Boomerang at £7.1 million.
Lorraine Heggessey, former controller of BBC One and Chief Executive of Talkback Thames, will Chair the newly created company, Boom Pictures. The management team will also include Boomerang's current Chief Executive Huw Eurig Davies, Mark Fenwick and Gareth Rees.
Commenting on the deal, Lorraine Heggessey said:
"I am delighted to be teaming up with Boomerang and LDC to launch Boom Pictures, a new production business in the UK's vibrant independent sector… I have found two ideal partners who share my vision for a company that will be truly independent in spirit, with creativity at its heart. Huw and his Boomerang team have built a thriving production group that is ready for expansion. LDC is an investor with a great track record in understanding the complex demands of building a media company, with the resources to support Boom Pictures as it grows".
Ms Heggessey continued, "We really enjoyed working with the Olswang team. Their client friendly approach to advising on the complexities of a public to private deal, combined with their media sector expertise, delivered legal advice which demonstrated their appreciation not only of management's priorities and focus, but also of the wider commercial and industry backdrop".
The Olswang team was led by Corporate Partner Paul Guite who commented that "We are delighted to have worked with the management team on the financing and offer process and look forward to continuing the relationship as the business grows internationally. This deal further confirms Olswang as the 'go-to' law firm in the TV production sector, with our having acted on virtually every significant deal of the last decade.".
Paul Guite was supported by Julian Ciecierski-Burns and Ilan Pdahtzur (Corporate), Victoria Gaskell (Media), Charles Kerrigan and Anne Chitan (Finance) and Gina Young (Employment).
For more information or to set up an interview please contact:
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020 7067 3009
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020 7067 3069
Notes to editors
Olswang LLP is one of Europe's leading law firms in the areas of technology, media, telecommunications and real estate. The firm comprises of nearly 700 people including 100 partners, across seven European offices. Olswang is part of a 'best friends' network of leading independent law firms throughout the world.
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