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Picsolve International announces a management buyout led by Fidelity Equity Partners
- Fidelity Equity Partners buys out existing investors
- Picsolve to continue expanding international business through growth and acquisition
London, UK, July 21, 2008:
Picsolve International, the industry leading photographic systems and services provider for leisure attraction operators, today announced that Fidelity Equity Partners, who focus on high-growth, leveraged buyout investments in Europe and North America, has completed a management buyout of the Company. Fidelity Equity Partners' investment was supported by a senior debt package provided by RBS.
Fidelity Equity Partners will support Picsolve's aggressive expansion plans, focusing predominantly on organic and acquisitive growth in Europe (where it already has market leadership), the US, South East Asia and the Middle East. Research estimates that the global theme and amusement park market is worth over $24bn and that close to 700m people visit theme parks annually.
Picsolve provides and operates innovative, reliable, high-quality photographic systems and services - taking photographs of people on high speed roller coasters at theme parks and at visitor attractions around the world, including: Alton Towers, Futuroscope, Port Aventura, the London Eye, and the three Legoland parks, in Europe; Busch Gardens in the USA; and Madame Tussauds globally. Established in 1994, the technology-driven company is headquartered in Derby, UK with offices in Europe, USA, Hong Kong and New Zealand and has over 300 installations throughout the world.
Nick Martin, Partner, and Stephen Findlay, Vice President, for Fidelity Equity Partners, led the investment and have joined Picsolve's board of directors.
Nick Martin, Partner, Fidelity Equity Partners, said, "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."
Gary Cormack, CEO, 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."
Stephen Findlay, Vice President, Fidelity Equity Partners, added. "Given the difficult banking environment and economic climate, we have been especially pleased to be able to smoothly deliver a leveraged buyout of a highly seasonal consumer facing business. This is a clear demonstration of Fidelity Equity Partners' ability to identify, support and invest in high quality service businesses. We will use the Fidelity network in the US and Asia to help Picsolve penetrate those markets further as well as Fidelity's ICT know-how to help Picsolve develop its systems and services."
Posted by Picsolve at 21.08.08
