Heggessey back with Boom

Former BBC1 controller and TalkbackThames chief Lorraine Heggessey has led a £7.1m (US$11.1m) management buy-out of Welsh indie Boomerang Plus.

Lorraine Heggessey

Heggessey, who has been consulting for Pineapple Dance Studios producer Pulse since leaving Talkback in 2010, has set up a new company called Boom Pcitures together with Boomerang Plus CEO Huw Eurig Davies, finance director Mark Fenwick and executive director Gareth Rees.

Boom, which is backed by Lloyds investment division LDC, has offered to pay £7.1m in cash for Boomerang in a move that will see the company delist from the London stock exchange, should shareholders follow the board’s recommendation and accept the offer.

LDC last year announced a commitment to invest £200m in the UK TV production sector, having previously invested in the likes of Mersey Television.

“We are excited about the opportunity to back Lorraine Heggessey, a leading light of the industry, in partnership with the management of Boomerang, which is an innovative and experienced team that consistently punches above its weight,” said LDC MD Daniel Sasaki.

“We believe this combination can drive significant growth when Boomerang is released from the confines of the public markets. In return, LDC has the resources, skills and track record to help management accelerate the development of their business.”

Boomerang reported a pre-tax profit of just over £1m for the 2010/11 financial year, on the back of £26.9m in revenue. It took over factual producer Oxford Scientific a year ago, following on from other acquisitions such as Indus Films and a 50% stake in Harlequin Talent Agency.

Boomerang and Boom CEO Huw Eurig Davies said: “This is a very exciting time for Boomerang. Working together with Lorraine and LDC is a significant move as we continue to develop our strategy of building a strong international creative business headquartered in Wales.”

Heggessey, who is executive chairwoman of Boom, added: “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 can’t wait to return to working with talented creatives, helping them to develop and produce wonderful programmes.

“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.”