Camera and equipment hire specialist Procam has secured new investment from London-based investment firm, Inspirit Capital.
The new deal involves a ‘carve out’ of Procam’s UK and US branches, Procam Projects and Take 2 Films. Broadcast and cine lens outfit True Lens Services is not included in the transaction and will remain part of Procam’s previous investors, Foresight Group.
The new partnership with Inspirit will see Procam focus on its digital cinema and film equipment rental. Under the terms of the deal, Group CEO John Brennan will remain in post.
John Brennan, CEO, Procam Group said, “We are excited to work with Inspirit, who share and support our ambitions for the next chapter of the Procam Group. As far as our customers and employees are concerned, nothing changes. We will continue to deliver the best possible service and support for productions across the UK and in the US.
“Covid-19 has had a negative effect on our industry and has provided us with unexpected challenges, but it has been promising to see so many productions adapt to new ways of working safely after a period of great uncertainty. With the rise of streaming services alongside traditional film and television viewing there is a lot of demand for new and exciting content, creating fantastic opportunities for our industry on the other side of the pandemic. We are grateful that we have managed to weather the storm and continue business as usual, and we look forward to more prosperous times ahead working alongside Inspirit Capital.”
Albert Farrant, Partner, Inspirit Capital said, “Inspirit is delighted to be investing in Procam, which is positioned for strong growth given the backlog in content production following the national lockdown and increasing consumer demand for high-quality original television and movie productions”.