Picsolve snaps up £33m MBO
The theme park photo company is now poised to expand even further
Picsolve International, which provides cameras to theme parks for use on roller coasters and theme park rides, has undergone a £33m management buyout.
The Derby-based company, which was founded in 1994, has clients such as Alton Towers, Legoland parks and Madame Tussauds on its books and offices in Europe, USA, Hong Kong and New Zealand. However, its international reach is now likely to increase following investment from Fidelity Equity Partners.
The deal from investors led by Meridian Equity LLP was supported by a senior debt package of £13m provided by The Royal Bank of Scotland.
Fidelity now expects the company to aggressively expand into the theme park market which is estimated to attract about 700 million people every year.
Gary Cormack, chief executive officer of Picsolve, said: “Fidelity Equity Partners’ global network and hands-on business building experience will be invaluable for us and we are extremely pleased to welcome them on board.
“Our technology and unrivalled expertise means that theme parks are able to offer an additional brand strengthening opportunity to their guests – and those guests come away with a fantastic souvenir and enhanced experience.
“With Fidelity Equity Partners we are looking forward to going through the next stage of development and are excited about taking our expansion plans forward.”
Nick Martin of Fidelity Equity Partners, added: “We are delighted to be investing in Picsolve, the market leader in this exciting and growing market, which has historically proved remarkably resilient to economic downturn.
“With proprietary technology, superior know-how and outstanding customer service at its core, Picsolve remains a clear step ahead of its competition, as demonstrated by the strength of its relationships with the leisure attraction operators and its ability to rapidly take market share.” Nick Martin and Stephen Findlay of Fidelity have joined Picsolve’s board of directors.
© Crimson Business Ltd. 2008