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Deal Information

Midmarket private equity house LDC has completed the £72million merger of Snell & Wilcox and ProBel, two leading providers of technology to the international broadcasting market.

Both UK headquartered businesses design and develop hardware and software products used by the broadcast, production and postproduction industries to enhance the quality and integrity of content.

Headquartered in Hampshire, Snell & Wilcox was the subject of a £22million Advent Venture Partnersbacked MBO in 2002. LDC funded the £11million MBO of Reading based ProBel in November 2003.

The enlarged business, which will have a combined turnover of around £80million, employs around 450 people and services over 2,000 customers. LDC and Advent Venture Partners will have a majority shareholding in the company with management owning just over 20 per cent.

The deal was supported by a £25million package of senior debt and working capital facilities which was provided by The Royal Bank of Scotland and HSBC.

Kevan Leggett and Steve Carle from LDC, together with Peter Baines from Advent Venture Partners, will join the new company’s board alongside nonexecutive chairman Gavin Simonds.

Snell & Wilcox and ProBel’s product ranges include digital routing, control, automation, signal distribution systems, production switchers and converters which are used by the majority of the world's major film studios and broadcasters including Sony Pictures, Warner Brothers, Turner, BBC, C4, NBC, CCTV (China) and HBO.

The technology is providing the building blocks needed by broadcasters as they look to make the transition to high definition (HDTV) in a seamless and costeffective manner.

The businesses have worked on a number of high profile projects including supplying equipment to broadcasters operating at the Beijing 2008 Olympic Games, the 2008 UEFA European Football Championship and supporting the multimedia aspects of Led Zeppelin’s reunion show in December 2007.