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Picsolve International in £33m buyout
By Pete Hayman
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Heritage Great Britain
c£70,000 + benefits + relocation support
location: Snowdonia, North Wales, United Kingdom
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Picsolve, the photographic systems and services provider for leisure attractions, has been sold in a £33m management buyout.
The UK-based company has been acquired by Fidelity Equity Partners, supported by a senior debt package of £13m from the Royal Bank of Scotland. The deal will enable Picsolve to continue with its expansion plans in Europe, the United States, South East Asia and the Middle East. Gary Cormack, CEO of Picsolve, said: "We are looking forward to going through the next stage of development and are excited about taking our expansion plans forward." Picsolve provides and operates photo souvenir systems and services at theme parks and visitor attractions worldwide. Clients include Alton Towers, the London Eye and three Legoland parks in Europe, as well as Busch Gardens in the United States and Madame Tussauds around the world. Joining the board of Picsolve following the deal will be Stephen Findlay, vice president, and Nick Martin, partner, of Fidelity Equity Partners. Findlay said: "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."
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Picsolve, the photographic systems and services provider for leisure attractions, has been sold in a £33m management buyout.
TAW,VAT
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