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Leopard joins Remedy in indie acquisitions spree
Leopard Films and Remedy Productions have joined forces to establish a new super-indie, with plans to build turnover to £100m within five years.
The new group, Argonon, will go on a three-to-five-year acquisitions spree targeting as many as eight businesses across the spectrum of broadcast indies, digital specialists and creative agencies.
The two indies, which have 40 full-time staff and a combined turnover of £25-30m, will retain their individual identities within the new holding company.
Leopard chief exec James Burstall holds the majority stake in the group and becomes overall chief executive. Remedy managing directors Toby Dormer and Juliet Borges will each take a smaller share.
Burstall has lined up funding from banks and a private equity firm, which will back further acquisitions in return for a stake in the business. Appropriate targets acquired will also be given a share of the total business, which aims to outgrow Tinopolis and challenge the likes of Zodiak Entertainment.
Along with fact ent, factual, drama and entertainment specialists, Argonon is casting its net internationally, looking at US, German and French companies to build a "vibrant mix" of subsidiaries to equip it as a "one-stop shop".
Similar to the All3Media model, acquired businesses will retain their identities, with Argonon acting as the parent brand. The company is also planning to set up joint ventures with industry talent.
Burstall said he had been working on the plans for two years. "Argonon is a unique, hybrid brand that will focus on the convergence of TV, social networking, gaming and brands," he said.
"We'll be a one-stop shop with the best quality talent under one roof to produce the best cross-platform content."
Todd Austin, the chief creative officer appointed by Leopard late last year, will continue to oversee the indie's output in the UK and has hired Charlie Bunce, Talkback Thames' editor of factual programmes, to the newly created position of head of features and formats.
Former Wall to Wall finance director Stuart Mullin is chief financial officer, while Susie Field moves from managing director of Leopard to become general manager. A chairman and commercial director, tasked with exploiting Argonon's content cross-platform, will be appointed within weeks.
Thomas Dey, chief executive of media specialist About Corporate Finance, advised Argonon on its acquisitions and will continue to advise the group.
Remedy will open in the US, sharing Leopard Films USA's New York offices and supporting its existing Canadian base.