Acquisition: Facilities by ADF

Crowe advised Facilities by ADF (ADF), the leading provider of premium serviced production facilities to the UK film and high-end television industry, on the acquisition of Location One Limited (Location One).

ADF and Location One businesses are well known to each other, with a successful history of working together on a wide variety of productions since Location One's conception. Productions that ADF and Location One have worked on together include: The Crown, Top Boy, Lazarus, Becoming Elizabeth and Embankment.

Location One provides integrated equipment hire which is complementary to the services of ADF. Some of its customer base includes, Amazon Studios, Netflix, Warner Brothers and BBC. The service offering includes generators, water bowsers, lighting equipment, environmentally friendly battery-stores/other renewable solutions and other capital light consumables, all highly complementary additional products to the Group's existing premium serviced production facility offering.

Total consideration for the acquisition is £8.86 million, with 50% of the consideration payable in cash on completion, 305 payable in cash equally over three years, subject to EBITDA performance conditions, and 20% payable in ADF ordinary shares and subject to a 12-month lock in. The cash consideration will be funded from ADF's existing cash resources. The acquisition is expected to be immediately earnings accretive.