READING, ENGLAND: The two British broadcast vendors that merged last month have settled on a single name: Snell. The former Snell Wilcox and the former Pro-Bel will make their combined debut at the NAB Show next week as simply “Snell.” Both companies have similar product lines--routing and video processing technology, and both are within a couple of hours of each other in South England. The pair merged in March in a deal valued at around $102 million.
The new company went with “Snell” after “extensive market research that identified excellent customer recognition and regard for both brands.”
Graham Pitman, formerly the CEO of Pro-Bel, is deputy chairman of the new company; Snell & Wilcox chief Simon Derry is CEO. The new entity is owned by a holding company of Advent Ventures Partners and LDC, a private equity division of Lloyd’s.
Snell & Wilcox was the subject of a management buy-out seven years ago, funded by Advent for 22 million pounds, or $33.4 million based on average exchange rates for that year. Pro-Bel was similarly funded by LDC for 11 million pounds--$17.6 million--in November of 2003.
Advent maintained ownership of AmberFin, the software service business rolled out by Snell & Wilcox at last year’s NAB. The Royal Bank of Scotland and HSBC contributed $35.4 million in senior debt and working capital facilities for the merger. -- Deborah D. McAdams
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