Boat Rocker Media has filed an initial public offering (IPO) application in a move that, if approved, will see the Toronto-based media company trading on the Toronto Stock Exchange (TSX).

In documents filed alongside the application, Boat Rocker said it plans to use the proceeds from the IPO to secure and develop IP; fund further acquisitions or strategic investments; repay all of its term debt; and support the business plans of its scripted division and the franchise and brand management teams.

The offering is being led by a syndicate of underwriters headed up by RBC Capital Markets and TD Securities.

Founded in 2003 by Ivan Schneeberg and David Fortier, Boat Rocker’s early projects included Darcy’s Wild Life, a Canadian adaptation of America’s Next Top Model, How Do You Solve a Problem Like Maria? and half-hour comedy Billable Hours.

In 2008, the company, then known as Temple Street, found success with the drama Being Erica, which ran for four seasons, and later with Orphan Black, which ran for five seasons from 2012 to 2017. On the kids-content front, the company has also enjoyed significant success with its The Next Step franchise.

In 2008, BBC Worldwide purchased a 25% stake in the company. Seven years later, Boat Rocker repurchased that minority equity interest and subsequently sold a majority equity stake in the company to Fairfax Financial Holdings. (Upon the approval of the IPO, Fairfax will continue to be the majority shareholder in the company.)

What has followed has been a rapid phase of acquisitive growth, focused first on the Canadian market and more recently on international acquisitions. In Canada, Boat Rocker acquired Radical Sheep, Jam Filled Entertainment and Arc Entertainment in 2016, before purchasing Proper Television in 2017 and taking a 70% stake in Insight Productions in 2018.

In 2018, the company’s M&A strategy shifted toward global markets, with Boat Rocker acquiring Fremantle’s kids and family division and L.A.-based Matador Content. The following year, Boat Rocker acquired U.S.-based Platform One Media and bought a majority stake (51%) in talent management company Untitled Entertainment.

Most recently, in December, the media co realigned its Boat Rocker Studios banner and rebranded Platform One under its Studios arm. The following week, it also folded Temple Street under the scripted side of its Boat Rocker Studios banner. Schneeberg and Fortier serve as co-executive chairmen of Boat Rocker Media and co-chairman of Boat Rocker Studios, while John Young, who joined in 2009, serves as CEO of Boat Rocker Media.

Across its portfolio of production assets, Boat Rocker anticipates having around 40 shows either in production or greenlit in 2021. Those include Invasion for Apple TV+, Rust for Showtime, Beacon 23 for Spectrum and AMC Networks, season two of Dear…. for Apple TV+ and season nine of Big Brother Canada for Corus. Its kids and family slate includes Dino Ranch, Get Even, Bubble Guppies and Daniel Spellbound.

According to Boat Rocker, its annual revenue was $231 million in 2020, compared with $244 million in 2019. In the prior years, overall revenue was $27 million in 2014, $70 million in 2015, $89 million in 2016, $129 million in 2017 and $165 million in 2018. As of Sept. 30, 2020, the company’s net debt is $103.8 million.

In 2021, the company said it expects its revenue to be approximately $700 million. Around $475 million of that total is already confirmed though various agreements, according to Boat Rocker, while the remaining $225 million is derived from revenues it expects to realize during the year. “[Boat Rocker] expects 2021 to be a year of significant investment in content, funded in part by a portion of the net proceeds from the [IPO],” said the company.

“Boat Rocker believes that its financial profile provides a strong foundation for continued growth. The company has strategically deployed capital into growth initiatives with a disciplined financial management and capital allocation strategy. After using the proceeds from the Treasury Offering to repay all of its term debt under the Corporate Credit Facility (which is the Company’s principal corporate credit arrangement), Boat Rocker will have a strong balance sheet and significant financial flexibility to invest in its business and to pursue acquisitions to drive shareholder value,” said the company elsewhere in the financial filing.

Pictured (left to right): Ivan Schneeberg, David Fortier and John Young