Facilities by ADF, a leading provider of serviced production facilities to the 海角视频 film and high-end television industry (HETV), has confirmed plans to acquire Autotrak Portable Roadways in an up to £21.3m deal.
To finance the deal the acquisitive firm, which is headquartered in Bridgend and listed on the Alternative Investment Market, has conditionally raised £10m (minus expenses) through the issuing of oversubscribed new shares. ADF is also looking to raise £500,000 through a retail share offer. The shares are expected to be admitted to AIM next month.
The acquisition is an endorsement of ADF’s ambition of generating £100m revenue in the medium term.
With more than 165 customers Autotrak is a supplier of portable roadway and panels to the film and TV sector in the 海角视频. It also services festivals and outdoor events and construction related industries.
Read More : Latest equity deals in Welsh business
Read More: Major clean hub plans for Port of Barry
Depending on the financial performance a further £4.2m in cash will be payable in equal tranches over the next three years, with an earnout consideration of up to £4m in 2028. The founders of ADF are also selling £10m worth of shares to institutional investors.
In the year to 31 December 2023, Autotrak generated revenues of £8.3m and adjusted underlying Ebitda £4.3m.
Most Read
ADF said the acquisition is the next step in the delivery of its vision of becoming one-stop shop for film and HETV production, operating across multiple businesses - while driving further diversification of product offering and customer base.
ADF’s chief executive Marsden Proctor said: “I am delighted to announce the conditional acquisition of Autotrak, which marks a material step in our stated strategy of being the provider of choice for the HETV and film industry across a diversified product and service offering. The acquisition will therefore be a further endorsement of ADF’s aspirations of generating £100m of revenues in the medium term.
“ADF already has an excellent working relationship with Autotrak which has provided demonstrable evidence of the strong cultural and technological fit which will be of great benefit to the enlarged group’s customers.”
Michael Fox, managing director of Autotrak, said:“By joining the ADF family, we at Autotrak believe that ADF’s expertise in the film and TV sector will positively influence our day-to-day operations, enhancing the value we deliver to our customers. Aligning with ADF’s vision of industry leadership, for everyone at Autotrak, this integration represents an exciting opportunity to expand our reach and influence”.