Sector:
Support Services

Transaction:
Institutional Buy-out

Status:
Realised

Picsolve International

The business was acquired from its founding owner managers in May 2006. The company specialised in providing unique photography at theme parks and other attractions. It had a market leading position in the UK and Europe, and had a small presence in the US and Asia.

Prior to purchasing the company we identified several changes that could be made to the business that would increase profits and shareholder value. This included (but was not limited to) the improvement of the service offering to customers, proper control of overseas subsidiaries and enhancement of the sales function. We recognised that the new owners of the business had a different risk profile from the original founders, but we also had the experience, contacts and vision in addition to partnering up with like-minded, ambitious management that meant we were able to execute a number of changes that we felt were necessary to improve the company’s profits.

Under Meridian Equity’s ownership profitability grew substantially and the quality of the company’s earnings improved through securing the longest contract in the business history with its biggest customer.

The business was sold to a financial investor in July 2008, generating a very significant return for Meridian Equity and its investors. The senior management of Picsolve also generated very significant gains from the sale, reflecting their contribution to the success of the investment