Monday 21st July 2008
Fidelity’s snap happy £33m deal
Picsolve International, a provider of photographic systems and services for theme parks around the world, has undergone a management buy-out backed by Fidelity Equity Partners.
The £33 million deal was supported by Royal Bank of Scotland with a senior debt package worth £13 million.
Fidelity’s investment aims to tap into the global theme and amusement park market worth an estimated $24 billion (£12 billion). The private equity firm, which is focused on LBOs in the Eurozone and North America, plans to support Picsolve’s expansion plans in Europe, the US, South East Asia and the Middle East.
Picsolve takes photographs of people on high-speed roller coasters at theme parks and at visitor attractions around the world, including, Alton Towers, Madame Tussauds globally and the London Eye. It provides photographic services through more than 300 installations at leisure attractions around the world.
Nick Martin, partner, and Stephen Findlay, vice president for Fidelity, led the buy-out and have joined Picsolve’s board of directors.
Findlay said: “Given the difficult banking environment and economic climate, we have been especially pleased to be able to deliver a leveraged buy-out of a highly seasonal consumer-facing business smoothly. We will use the Fidelity network in the US and Asia to help Picsolve penetrate these markets further as well as Fidelity’s ICT know-how to help Picsolve develop its systems and services.”
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