TIDMCLDN
RNS Number : 5685U
Caledonia Investments PLC
13 July 2018
CALEDONIA INVESTMENTS ACQUIRES COOKE OPTICS
Caledonia Investments plc ("Caledonia") is pleased to announce
that it has acquired a majority stake in Cooke Optics Group Ltd
("Cooke"), the UK manufacturer of premium-end cinematography lenses
for the film, television and advertising industries, in a
transaction which values the business at GBP96.5m.
Founded as a lens manufacturer in 1886, Cooke has been at the
centre of the film making business for over a century.
Headquartered in Leicester, it is led by Les Zellan (Chairman),
Robert Howard (Chief Executive Officer) and Alan Merrills (Chief
Operating Officer) and has some 130 full time employees.
Caledonia has subscribed GBP62.5m of equity and GBP30.0m of debt
to acquire approximately 89% of Cooke from its current owners,
Growth Capital Partners and Cooke's management team. The management
team have reinvested GBP7.8m of their sales proceeds for the
remaining equity.
In its most recent audited consolidated accounts, being for its
financial year to 30 June 2017, Cooke reported EBITDA of GBP7.7m
and profit before tax of GBP2.8m, and at that date had gross assets
of GBP33.8m.
Commenting on the acquisition, Duncan Johnson, Caledonia's Head
of Unquoted Investments, said:
"We are delighted to have become owners of such an iconic
business and brand as Cooke Optics. Its profitability and high cash
generation, combined with its strong competitive position in the
film making industry globally, makes it ideally suited to
Caledonia's unquoted portfolio. We look forward to working with Les
Zellan and his team to take advantage of growth opportunities
deriving from Cooke's innovation in full-frame camera lens
technology, increased demand from China and the expansion of the
digital streaming market globally."
Les Zellan, Cooke's Chairman, commented:
"We are delighted to be partnering with Caledonia in the next
phase of Cooke's development. Caledonia's reputation as a long
term, supportive investor gives us confidence that we can continue
building the Cooke legacy derived from over 130 years of supporting
the film industry."
13 July 2018
For further information contact:
Caledonia Investments
plc +44 20 7802 8080
Will Wyatt,
Chief Executive
Stephen King,
Finance Director
Duncan Johnson,
Head of Unquoted Investments
Media contact:
Tulchan Communications +44 20 7353 4200
Peter Hewer
Lisa Jarrett-Kerr
This announcement contains inside information in relation to
Caledonia.
END
Notes for editors:
Caledonia Investments plc
Caledonia is a self-managed investment trust company listed on
the London Stock Exchange with net assets of approximately GBP1.9bn
as at 30 June 2018. The company maintains a concentrated portfolio
of international quoted, unquoted and fund investments and has paid
an increasing annual dividend for 51 years.
In the unquoted arena, Caledonia seeks to invest GBP25m to
GBP100m in private companies, either on a majority or minority
basis, providing a meaningful presence and growth capital
supporting double-digit operating margins. Its current unquoted
portfolio includes Cobehold (a European unquoted investment house),
Seven Investment Management (a provider of discretionary fund
management, asset management and self-invest platform services),
Buzz Bingo (the UK market leading retail bingo operator), Choice
Care Group (a UK learning disability care homes provider) and
Liberation Group (the Channel Islands' market leading pub,
restaurant and drinks business).
For additional information on Caledonia, please visit
www.caledonia.com.
Cooke Optics
Founded in 1886 and based in Leicester, Cooke manufacturers a
wide range of lenses suitable for multiple film applications. For
over a century, cinematographers have chosen Cooke lenses for the
"Cooke Look", a sharp, subtle, smooth rendering that provides
dimensionality and high contrast and pleases the eye.
For additional information on Cooke, please visit
www.cookeoptics.com.
Transaction
Caledonia's investment in Cooke was led by Chris Hodges, Alex
Mills and Theo Tizard.
Travers Smith (Ian Shawyer, Adam Orr) and Alvarez & Marsal
(Adrian Balcombe) respectively provided legal and financial due
diligence advice to Caledonia. CiL Management Consultants (Tabitha
Elwes) provided commercial due diligence advice and Deloitte (Tim
Haden) provided tax advice. Wyvern Partners (Mike Barnes) provided
debt advice.
PwC (Cara Haffey) and Squire Patton Boggs (Paul Mann)
respectively provided corporate finance and legal advice to the
vendors.
Neither the contents of Caledonia's nor Cooke's websites, nor
the contents of any website accessible from hyperlinks on these
websites (or any other website) is incorporated into, or forms part
of, this announcement.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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