Shareholders and the private equity backer of the world’s largest natural history production company will share an £85.5mln windfall following its takeover by ITV PLC (LSE:ITV).
The broadcaster is acquiring 79.5% of Plimsoll Productions from founder Grant Mansfield and other investors, including LDC, formerly Lloyds Development Capital.
Plimsoll is the distributor for A Year On Planet Earth as well as the maker of shows such as Tiny World and Marcus Wareing’s Tales From A Garden Kitchen.
Mansfield, who set up the business in 2013, was responsible for the launch of I’m A Celebrity Get Me Out Of Here, while his credits also include Secret Millionaire and Ladette To Lady.
ITV is paying a total of £103.5mln, including debt, and has an option over the outstanding 20.5% of the business.
“There is a quite special strategic and cultural fit that will enable us to achieve our, now shared, creative and commercial ambitions for Plimsoll,” said Mansfield.
“We're excited to be part of ITV Studios' expanding global force in content and delighted that, from today, this powerful new partnership is officially active."