Helion advises Eagle Eye and its Belgian co-producing partner, Happy Duck, on majority sale to ITV Studios

Eagle Eye is one of the UK’s fastest growing drama producers. It was launched in 2018 by three of the UK’s most innovative execs, Walter Iuzzolino, Jo McGrath and Jason Thorp, the team behind international drama streaming service, Walter Presents. In the space of 6 years, it has built a portfolio of 7 returnable series, all with international rights retained. It prides itself on developing an enhanced acquisition model, which allows cost efficient production and fast turnaround times, whilst attracting high quality talent and maintaining value on screen. In 2022, it launched specialist Belgian co-producer, Happy Duck, securing access to Belgium’s pool of high-quality production talent and its efficient production know how.

Eagle Eye produces a wide breadth of scripted content from original dramas to adaptations of critically acclaimed international series for English speaking audiences, with its slate including a raft of hit returning shows including ITV’s Professor T (4 seasons) and Hotel Portofino (3 seasons), as well as Channel 4’s Before We Die and Suspect. Also for Channel 4, The Couple Next Door was their biggest scripted streaming launch ever, with nearly five million views in its first two weeks.

Professor T, starring Ben Miller and adapted from the Belgian series of the same name, has sold into over 120 territories worldwide, with Hotel Portofino airing in over 70 territories across five continents. Forthcoming commissions include PBS’ Patience, starring Laura Fraser (Breaking Bad) and Ella Maisy Purvis (Malpractice) and Bookish, created by and starring Mark Gatiss for UKTV.

Happy Duck is led by one of Belgium’s most experienced producers and directors, Dries Vos (Professor T, The Couple Next Door) who co-produces many of Eagle Eye’s shows. The sale of the Belgian co-producer alongside recent deals in Australia (Werner Film, Lingo Pictures) and Germany (Turbine Studios) demonstrates Helion’s growing international footprint.

Helion also advised the Channel 4 Indie Growth Fund on the sale of its shares in Eagle Eye which represents an attractive exit for the fund.

Walter Iuzzolino, Jo McGrath and Jason Thorp, Eagle Eye Drama

“We are absolutely delighted to be announcing the deal with ITV Studios. Our company has been built over returnable, formatted scripted shows and it had reached a point in its growth trajectory which required the scale of a bigger partner with a global footprint to support further expansion. Tom, Alex and the wonderful team at Helion have been incredible strategic advisors, helping us to shape the approach to identifying the most suitable partner and then marshal a complex transaction to completion, with incredible thoughtfulness, dedication and attention to detail. Their input was absolutely invaluable and they made the process enjoyable throughout.”

Tom Manwaring, Helion Partners

“Walter, Jo, Jason and team have built a really impressive business in a short space of time. By focusing on producing high-quality, cost-efficient co-commissions for both UK and international linear platforms, they have innovated a mould breaking business model and have been able to drive attractive growth in a more challenging climate. At the same time, they are building a sizeable catalogue of international rights, in a market where rights retention is now more difficult. In ITV, they have secured a compelling partner to grow the business.”

Helion has closed ten leading TV production transactions in the past two years.

Helion Partners is a specialist M&A firm providing partner-led advice to leading companies and investors within the media, entertainment and marketing services sectors.

If you’re considering selling, buying, setting up a new company or coming to the end of your earn out, and want to discuss the options, please email Tom Manwaring at [email protected].