Snell & Wilcox and Pro-Bel, two technology providers to the international broadcasting market, have merged in a management buy-out worth £72 million.
Snell & Wilcox and Pro-Bel, two technology providers to the international broadcasting market, have merged in a management buy-out worth £72 million.
Lloyds TSB Development Capital (LDC) backed the deal with £28 million, alongside existing investor Advent Venture Partners and the management team. The MBO was led by Snell & Wilcox CEO Simon Derry and FD Peter Fredericks, as well as former Pro-Bel CEO Graham Pitman, who becomes deputy chairman.
Both of the UK-headquartered businesses design and develop hardware and software products used by the majority of the world’s major film studios and broadcasters including Sony Pictures, Warner Brothers, Turner, BBC, Channel 4, NBC, CCTV (China) and HBO.
Graham Pitman, former CEO of Pro-Bel, said: “The two companies have developed highly complementary product ranges with very little overlap. They have well-deserved reputations for innovation, product quality and reliability, and a joint commitment to excellence in customer service. Through this merger, the new combined company will build on this strong foundation to create one of the industry’s great companies.”
The enlarged business will have a combined turnover of some £80 million, employ around 450 people and service over 2,000 customers.
This is LDC’s second transaction of the year, following the MBO of Quantum Specials in January.
