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Lloyds backs Picture Production buy-out

Article Date:  May 29 2007 Mark Dunne

Picture Production Company, a marketing agency that serves the entertainment industry, has been bought by its management for an undisclosed sum. The 25-year-old company was acquired by a team led by chief executive Steve O’Pray.

The buy-out was backed by Lloyds Development Capital (LDC) with debt provided by Barclays Leveraged Finance. The sellers were Royal Bank Equity Finance and private shareholders David Willing and John Reiss, who retain a stake in the business.

LDC’s funding was led by investment director Anthony Bull, who joins Picture Production’s board. Also joining the company is former Chrysalis managing director Philip McDanell as non-executive chairman.

Picture Production was originally established as a creative agency specialising in film trailers. In the past ten years it has expanded into a full-service agency offering marketing and production services both online and offline.

The company employs 120 people across two offices in London. It also has a satellite office in Los Angeles.

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