Following a strategic decision to exit the outside broadcast operator market and concentrate on equipment hire, Video Europe sought an asset sales partner to manage the sale of their outside broadcast equipment. In a competitive bid process, Hickman Shearer won the mandate to sell three outside broadcast trucks over a 6-month period.
The sale was further complicated by taking place during the Covid-19 pandemic. The consequences of which created material uncertainty and a loss of investment in the sector. However, the team recognised that there was an opportunity as it was clear that consistent global marketing interest was maintained.
Further competitive issues arose as the bankruptcy of a competitor unfortunately brought 13 other OB units onto the UK market. Fortunately at the same time there was also a re-tendering of many contacts by broadcasters leading to demand for the units increasing to satisfy wider demand.
Through careful marketing planning and engagement throughout the sector, the sale realisation matched expectation. While timing of the sale enabled Video Europe to realise the value of these complex and sometimes il-liquid assets, giving them the opportunity to reinvest into their core strategic approach of focusing on broadcast hire equipment.