Media company Boomerang Plus has acquired the trade and certain assets of Oxford Scientific Films (OSF).
Media company Boomerang Plus has acquired the trade and certain assets of Oxford Scientific Films (OSF).
AIM-listed Boomerang Plus has purchased London-based OSF for a cash consideration of £516,250, to be satisfied from internal resources.
OSF is a BAFTA and Emmy-award winning producer of factual, natural history, science and history programmes for broadcasters in the UK, Australia and North America.
The business was founded by a group of Oxford scientists in 1968.
The acquisition allows Boomerang Plus to continue to deliver its diversification strategy, says Huw Eurig Davies, chief executive officer of Boomerang. He says the strategy is to build its geographical footprint and customer base.
Davies adds: ‘It strengthens our ability to exploit programmes to a worldwide audience and fits well with Indus Films, which we acquired in 2009.’
The acquisition is the first for Boomerang Plus since its £1.1 million purchase of Welsh-based independent television production group Indus Films in October 2009.
The buy provides Boomerang Plus with access to a back catalogue of programming and experience in programming worldwide.
Under the terms of the deal the OSF business is to be acquired by a company, to be renamed Oxford Scientific Films Limited, of which Boomerang Plus owns 70 per cent and the management team of OSF 30 per cent.
Clare Birks, chief executive of OSF, comments: ‘The financial and business backing that being part of the Boomerang Plus Group brings will support our strong and experienced creative team in growing the business over the next few years.’
OSF had reported turnover of £3.1 million for the 18 month period ending 30 June 2010, which resulted in a loss before tax of £200,000.
Davies concludes: ‘This acquisition allows us to build on the strong performance of our Advertiser Funded Programming business and the organic growth seen in Network productions, and positions the company for long term growth.’
