Nabarro advises on sale of Picsolve International
24 July 2008
Law firm Nabarro LLP has advised the exiting shareholders of Right Digital Limited, which owns Picsolve International, on a £33 million management buy out backed by Fidelity Equity Partners. The exiting shareholders were led by Meridian Equity LLP.
Picsolve provides photographic and video services for more than 300 theme parks, water parks and other attractions around the world.
The deal was supported by a senior debt package of £13 million provided by The Royal Bank of Scotland.
The team at Nabarro was led by corporate partner Richard Beavan, supported by Laura Tabet, Ben Macdonald and Sarah Curnow.
Corporate finance advice was provided to Meridian Equity by Deloitte Corporate Finance (Byron Griffin, Nigel Bland and Oliver Tebbutt).
Weil, Gotshal & Manges acted for Fidelity Equity Partners, Dundas & Wilson advised the management team, and Osborne Clarke acted for RBS.
Corporate partner Richard Beavan commented:
“It was terrific to close this deal given the difficult banking environment – the result of a great effort by everyone involved. It demonstrates that there is still appetite for high quality services companies in the mid-market.”
