Brit prod'n company sold for $51 mil
Ricochet, the British production company behind the hit ABC and Channel 4 show “Supernanny,” has agreed to a £30 million ($51.4 million) sale to Shed Prods., which makes “Footballers’ Wives” for ITV.
Shed, listed on London’s Alternative Investment Market, will pay $42.8 million upfront in stock, cash and loans, plus a further $8.6 million dependent on Ricochet’s performance.
Ricochet managing director Nick Powell and creative director Nick Southgate will join Shed as exec directors, with stakes of 8.1% and 3.7%, respectively.
Shed chief exec Eileen Gallagher described the two companies as “a perfect fit.” Shed primarily produces populist drama series for ITV, whereas Ricochet makes factual, leisure and lifestyle shows for C4 and the BBC.
Both companies have a toehold in the American market — Ricochet with “Supernanny,” whose second season has just been extended from 14 to 22 episodes, and Shed with a first-look deal at Fox.
Sale was brokered by Ingenious Corporate Finance, whose director Sanjay Wadhwani said, “The enlarged group will be better placed to take advantage of opportunities in the U.K. and overseas, particularly in the U.S. market, where Ricochet has a Los Angeles office.”