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March 24, 2021updated 17 Jun 2022 8:30am

Arbuthnot ABL completes £7m deal with cinematography equipment hire company

By Alejandro Gonzalez

Europe’s largest digital cinematography and motion picture equipment hire company, Procam Take 2, has secured a £7m refinance facility from Arbuthnot Commercial Asset Based Lending to generate ongoing working capital for new projects, in addition to further CapEx investment in equipment to fulfil demand as the business grows.

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The complete facility comprised of an invoice discounting line, a plant and machinery revolver and a CBILS term loan

BTG Debt Advisory ran a competitive process and Arbuthnot Commercial ABL was selected to complete the transaction.

Procam Take 2 required recapitalisation due to the impact of the Coronavirus-related industry shutdown. 

London-based private equity investment firm, Inspirit Capital partnered with the management team to purchase the business in September 2020 and recapitalise the balance sheet.

With offices in both the UK and US, Procam Take 2 has been supplying professional equipment to the TV and film sector throughout the UK and internationally for more than 30 years. 

Procam Take 2 supports major productions across a multitude of genres, including music, live events and streaming to commercials, feature films, drama, reality, fixed rig, and factual television.

Will Stamp, Partner at Inspirit Capital, said: “What was great about Arbuthnot Commercial ABL on this deal was their commercial and transparent approach, as well as their ability to look at the long-term opportunities for the business. 

“They got to grips with the dynamics of the sector very quickly and structured a deal to match the company’s requirements. Their ability to work to a very accelerated timeframe also stood out. As always, deliverability is key and Arbuthnot Commercial ABL did exactly what they said they would.

“This was a complex deal and would not have suited every asset-based lender. The transaction involved multiple stakeholders, including numerous Hire Purchase companies, as well as an asset mix geared towards P&M, rather than receivables. 

“With the new working capital line from Arbuthnot Commercial ABL, Procam Take 2 is ideally placed to take advantage of the organic and inorganic opportunities that will arise in the future.”

Andrew Rutherford, commercial director at Arbuthnot Commercial ABL, said: “Procam Take 2 is a leading operator in a growing and exciting market and is poised to benefit from the unprecedented pent up demand for content from Netflix, Amazon and Apple as we prepare to emerge from lockdown. 

“The majority of UK studio space has already been fully booked for 2021 and the future looks extremely bright. We were delighted to have the opportunity to work with Will and the team at Inspirit Capital on this transaction.”

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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