UK indie Ten Alps has acquired Britain’s Hidden Heritage producer Reef Television, while co-founder Bob Geldof has stepped down from the company’s board.
Ten Alps has made an initial payment of £2 million (US$3.14 million), with a deferred amount of approximately £3 million, plus an additional amount of earn-out consideration. Under the deal, Reef Television will join Ten Alps’ three production units – Brook Lapping, Blakeway and Films of Record.
The company has thus far raised £4.5 million to fund the acquisition and is also proposing a debt conversion that will serve to reduce remaining long-term debt as well as a reduction in other short-term debt obligations.
According to a letter to investors, the producer hopes the acquisition “will add strength and experience in daytime TV programming” and aims to capitalize on Reef’s daytime TV titles, which include Selling Houses with Amanda Lamb (pictured), Put Your Money Where Your Mouth Is and Penelope Keith’s Hidden Villages.
Elsewhere, Sir Bob Geldof – who co-founded the company in 1999 – has resigned as a director and is stepping down from the board.
Following the completion of the deal, former Channel 4 chairman Luke Johnson will join the board as non-executive director alongside entrepreneur Jonathan Goodwin.
Meanwhile, Fiona Stourton will stay on as creative director of Ten Alps’ television division, while Richard Farmbrough will continue as CEO of Reef Television and – upon completion – also take up the position of commercial director of Ten Alps’ television arm.
“This is a significant moment in the turnaround of Ten Alps. The proposed acquisition of Reef Television is an important first step in a strategy to achieve greater scale and momentum in our TV and digital content businesses,” said Mark Wood, CEO of Ten Alps, in a statement.
“The new capital structure will enable us to invest in faster growth, with the guidance of our experienced board members appointed today,” he continued. “Together, as an enlarged group, we intend to bring in the commercial and creative talent needed to drive growth across television, communications and publishing both organically and via selective acquisitions.”