FSP advises Australian listed group on purchase of high end broadcast equipment manufacturer and distributor
An FSP team led by corporate partners Philip Stephenson and Penelope Garden has advised Domo Tactical Communications (DTC) Limited (DTC), a subsidiary of Australian Securities Exchange listed and existing client Codan Limited (Codan) on its acquisition of 100% of Broadcast Wireless Systems Limited (BWS) from its founders.
The transaction was funded by Codan’s existing debt facility, and consisted of an upfront payment of c. £2.95 million, with the possibility of an additional payment of up to £2.6 million if certain earn-out targets are achieved over three years. All of the founders will remain with the BWS business following completion.
Founded in 2014 and based in Southampton, BWS is a worldwide one-stop shop for the specialist distribution of broadcast-quality video/audio, via wireless microwave, satellite, or fibre links. BWS’ technology portfolio consists primarily of wireless video camera links and a newly developed range of high-quality video broadcast products.
Paul Sangster, (President, Tactical Communications), said “the quest for improved production quality, cost efficiencies and the challenges caused by the pandemic are fuelling the transition of broadcasters to adopt remote production capabilities and the combined offering of DTC and BWS will enable this. DTC’s customers will now be offered a low-latency, high performance solution which has been validated in critical and challenging operations such as the opening ceremony for the Olympic Games in Japan and some of the world’s most prestigious and demanding motor racing events.”
Daniel Widera, Group Manager – Legal & Compliance, commented “I want to thank Philip, Penelope and the FSP team who delivered an outstanding result for us. They provided wise and very practical counsel throughout and their service was highly responsive ensuring that completion was delivered to a tight timetable in time for a joint presence at a key trade exhibition. We look forward to working with FSP again on other transactions as well as leveraging FSP’s broader support as the Codan group expands in the UK.”
The team at FSP was led by corporate partners Philip Stephenson and Penelope Garden with assistance from Sian Daly (solicitor, corporate), Callum De Freitas (trainee, corporate), Ian Machray (partner, employment), David Clay (associate, employment), and Vicky McDonald (associate, commercial property).