Management buyout completed at Pro-Bel

Pro-Bel, the premier manufacturer and supplier of routing, signal processing, master control and automation equipment, has been bought by its UK-based management team.
Venture capital support was provided by LDC, the private equity arm of Lloyds TSB, whilst structured finance and banking facilities were provided by HSBC's new Thames Valley Corporate Centre, based in Reading, UK.
The management team, led by managing director Graham Pitman, acquired the business from its parent the Chyron Corporation in a deal totalling £11.2m.
Graham Pitman said: "As one of the original founders, it's exciting to be part of the team owning and running the company again. Ownership enables Pro-Bel to fully focus on what it has always done best; developing exceptional products and providing first-class customer service and support.
"We have been working towards the goal of this MBO for almost the whole of 2003 and are delighted to have not only achieved our objective, but at the same time to be on the brink of achieving our most successful year ever, in what is an undeniably competitive market."
Jonathan Simm, regional director and Stewart Licudi, investment director at LDC have worked closely with the Pro-Bel team during the MBO process. He said: "Pro-Bel is a well recognised brand name in broadcasting. We were impressed by the management team and by Pro-Bel's track record in the broadcast, cable & satellite and telecoms industries. We are excited to be part of this MBO, and look forward to assisting with the substantial growth and further development planned."
The Pro-Bel pedigree and experience spans over 25 years, and their equipment is utilised in all the major television networks and post production facilities worldwide. The company is headquartered in Reading, Berkshire, and has an established network of offices and dealers in the USA, Europe and the Far East.
Michael Wellesley-Wesley, Chyron's CEO, said: "The proceeds from the sale of Pro-Bel will enable us to significantly reduce our debt. Chyron is now able to focus 100% on our core competency, the development of real-time graphics solutions for our professional video and TV broadcast customers around the world."
(GB)