Glasgow-based indie Two Rivers Media has changed its ownership structure, with founder and managing director Alan Clements taking over as majority shareholder after Scottish investment bank Noble Grossart’s exit.

Noble Grossart has been involved with Two Rivers since Clements launched the company in 2019, taking a stake in the prodco along with Channel 4′s Indie Growth Fund and the Toronto-based Kew Media Group. Two Rivers subsequently bought out Kew’s stake in the business in January 2020, and the departure of Noble Grossart leaves the Indie Growth Fund as the only external stakeholder in the company.

“I wish to thank Noble Grossart for the role their investment has played in the growth of Two Rivers and the support and guidance they have given over the last three years,” Clements (pictured) said in a statement accompanying the announcement. “Two Rivers Media is in a fantastic position in the marketplace, with a list of customers and projects that we could have only dreamed of when we launched in 2019. I’m extremely excited about what the future holds for the company.”

Factual commissions secured by Two Rivers in 2022 include the Muhammad Ali documentary Cassius X for Smithsonian Channel; Marine A for Channel 4; and Monster: The Mystery of Loch Ness for Channel 5 and Paramount+. The company has also acquired the film and TV rights to Simon Kuper’s non-fiction book Chums: How a Tiny Caste of Oxford Tories Took Over the UK, about the rise of such modern Conservative Party figureheads as Dominic Cummings, Jacob Rees-Mogg, former prime ministers David Cameron and Theresa May, and soon-to-be-ex-PM Boris Johnson.