Coolabi has acquired children's television development and production company Indie Kids as it looks to further diversify its portfolio.
Initial consideration will be £171,000 with deferred consideration of £129,000 to be paid over the year following completion and a further earn-out, subject to the achievement of certain levels of performance over a three-year period, capped at £1,700,000. It is expected that the acquisition will be earnings enhancing this financial year.
Indie Kids is well established within the business already, thanks to its work with The Worst Witch and Fungus the Bogeyman. The company is currently completing a 26-episode animated series of The Large Family, which is based on the Jill Murphy collection of books for broadcast by the BBC and TF1 in France later this autumn.
In addition, Indie Kids has continuing rights to produce further episodes of The Worst Witch and Fungus the Bogeyman, plus a portfolio of new projects in development.
"This is a good acquisition for Coolabi and fits perfectly with our stated acquisition strategy," said Jeremy Banks, Coolabi's chief executive.