Mersey Television has been sold to Bridgepoint portofolio company ALL3MEDIA. This provides a full exit for LDC. The total value of the transaction and return on the deal is undisclosed. Bridgepoint is not providing any additional funding for the acquisition. Debt finance is being provided by Royal Bank of Scotland.
LDC backed Mersey Television in November 2002 with £11m of development capital. The investment saw LDC acquire a significant minority shareholding, with the balance of equity held by Phil and Alexis Redmond, the management team.
Grant Berry, head of new business for LDC, who led both the original deal with Andy Ball and the exit, said: “It has been great for LDC to have worked with Phil and Alexis and everyone at Mersey TV over the last three years to assist in their succession planning and the positioning of the business. The timing of the sale to ALL3MEDIA is right and provides the best outcome for all shareholders, the management team and employees. Mersey TV remains a very strong business and this deal enables the team at Mersey to continue what they do best – delivering high quality, challenging TV drama for its target audience.”