Houlihan Lokey Advises Plimsoll

Houlihan Lokey is pleased to announce that Plimsoll Productions (Plimsoll) has been acquired by ITV plc (ITV). This transaction marks an exit for leading middle-market private equity firm LDC, following a successful three-year partnership. The transaction closed on 1 July 2022.

Plimsoll’s BAFTA-, Emmy-, and Academy Award-winning team specialises in wildlife, documentary, and factual entertainment shows, and is the biggest independent producer of natural history programmes in the world. Headquartered in Bristol, with offices in Los Angeles and Cardiff, the business has produced more than 70 series for broadcasters including Netflix, Disney, Apple, and National Geographic.

With LDC’s support, Plimsoll has invested in its natural history and documentary programming, launched a factual drama division, and pursued further growth, both organically and through acquisition. In September 2020, it acquired specialist distribution and rights management company, Magnify Media, which now distributes to 75 countries worldwide through its network. The business also appointed US entertainment industry veteran Mark Itkin, who joined Plimsoll’s board to advise on strategy.

ITV is a British media company that holds 13 of the 15 regional television licences that make up the ITV network, the oldest and largest commercial terrestrial television network in the United Kingdom. ITV is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.

ITV will acquire 79.5% of Plimsoll’s share capital from LDC, Grant Mansfield, and other existing Plimsoll shareholders for a cash consideration of £103.5 million. Plimsoll will remain an independent brand following the transaction. The company’s existing management and creative teams will continue to run the business and play a key role in programme development to maintain Plimsoll's creative pipeline.

Houlihan Lokey served as the exclusive sellside advisor and assisted the shareholders of Plimsoll throughout the transaction, including the preparation of marketing materials, buyer outreach, due diligence, and overall process coordination, as well as transaction negotiations. This deal highlights Houlihan Lokey’s continued expertise in the TV content production space.