UK technology companies Snell & Wilcox and Pro-Bel have merged in a £72 million management buy-out led by Snell & Wilcox CEO Simon Derry and FD Peter Fredericks, as well as former Pro-Bel CEO Graham Pitman, 

UK technology companies Snell & Wilcox and Pro-Bel have merged in a £72 million management buy-out led by Snell & Wilcox CEO Simon Derry and FD Peter Fredericks, as well as former Pro-Bel CEO Graham Pitman, who becomes deputy chairman.

The deal was backed by HSBC and the Royal Bank of Scotland. Other investors include Lloyds TSB Development Capital (LDC), existing investor Advent Venture Partners and the management team.

Southampton-based law firm Lamport Bassitt acted for Pro-Bel Holdings on the sale of its share capital, and on the company’s reinvestments within the combined entity. Sean Kelly and Paula Eckton, partners in the corporate team, commented, “Lamport Bassitt’s experience in this type of transaction, together with a good existing relationship with the client, enabled the team to provide its advice with speed, focus and commerciality assisting the transaction through to conclusion.”

Other advisers on the deal included professional services firm PricewaterhouseCoopers.