Facilities by ADF acquires Location One Limited
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Facilities by ADF plc has announced the acquisition of Location One Limited; the two companies have a history of working together on a wide variety of productions since 2008.
Facilities by ADF is a leading provider of premium-serviced production facilities to the UK film and HETV industry; Location One is the UK’s largest integrated TV film location service and equipment hire company.
The high-profile productions that the two companies have worked on together include: The Crown, Top Boy, Lazarus, Becoming Elizabeth, Embankment and My Lady Jane. Like Facilities by ADF, Location One is an approved albert supplier.
For the year ending 30 September 2022, Location One generated unaudited revenues of £9.24 million and an adjusted EBITDA of £2.08 million. The Acquisition is expected to be immediately earnings accretive. Location One's executive management, led by founder and MD Crispin Hardy, and other employees will be joining the group.
Facilities by ADF has recently expanded its already-considerable reach, opening a new hub at Pioneer Film Studios in Glasgow and expanding its Bridgend branch. The company expects its fleet size to hit 600 by the end of this year and 700 by the end of 2023. Its vehicles have been used by clients including HBO Max, Apple, Netflix, Marvel, NBC Universal, Disney + and Amazon; the company raised £15m through listing on the stock exchange at the start of this year.
Total consideration for the acquisition is £8.86 million, with 50%of the consideration payable in cash on completion, 30% payable in cash equally over three years, subject to EBITDA performance conditions, and 20% payable in ADF ordinary shares and subject to a 12-month lock in. The cash consideration will be funded from ADF's existing cash resources. The acquisition is expected to be immediately earnings-accretive.
Marsden Proctor, CEO of Facilities by ADF, said: "Facilities by ADF has 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 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."
Crispin Hardy, founder and CEO of Location One, commented: "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."
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