Media and entertainment lawyers, Harbottle & Lewis, have advised international rights management and production group, Target Entertainment, on its acquisition of independent drama production company Greenlit Rights.
The deal will strengthen Target's production capabilities and marks an important milestone in the group's ambitious growth strategy following on from the acquisition of distributor Minotaur International in July 2007.
Founded in 1998 by Jill Green, Greenlit is a leading, independent production company which specialises in high-quality TV movies, TV mini-series and larger scale, commercial feature films. Its portfolio includes primetime detective series Foyle's War, The Man Who Lost His Head starring Martin Clunes and recent ITV comedy-drama Honest which starred Amanda Redman. The acquisitions of Minotaur and Greenlit mark the first in a series of acquisitions planned by Target Entertainment Group over the next few years. The company will continue to invest in its internal divisions both in the UK and the United States.
Harbottle & Lewis advised on all legal aspects of the transaction, including the acquisition itself and the related financing. Colin Howes, Head of the Company and Commercial Group, led the transaction team with Alison Wilds, Head of the Finance Group, responsible for advice on the financing. Tony Littner assisted on both the corporate and financing aspects with support from members of the firm's Television, Tax, Property, IT/IP and Employment Groups.
Colin Howes commented: "We've acted for Target almost since it was formed and have been delighted to watch the growth and success of the group. Their development from a specialist distributor, building on their strengths through the Minotaur acquisition and diversifying through this deal into production (and through organic growth into other complementary areas) is particularly interesting.
"Consolidation activity in the independent TV production market has intensified over the past few years. Target's background and business model differ from most of the other diversified groups in this space. Exploitation of visual content is undergoing radical change; those companies with the breadth and flexibility to respond to emerging trends will be the success stories of tomorrow. By combining Target's extensive contacts and experience as a leading distributor with the proven production credentials of Greenlit, Target Entertainment Group will be well positioned to take advantage of the changes which are coming."
Alison Rayson, CEO Target Entertainment said: "This is the second acquisition we have worked on in the past year with Colin Howes and his media team at Harbottles. As with our acquisition of Minotaur, the advice and expertise offered covered a broad spectrum of issues ranging from comprehensive legal due diligence of Greenlit Rights' extensive rights portfolio to detailed advice on the corporate transaction. Working with Colin and his team is always a smooth and seamless process and one that I enjoy immensely."
For further information, please contact Colin Howes on 020 7667 5000. |
