The board of editing and effects manufacturer Quantel has successfully completed its long awaited Management Buyout from former owners Carlton Communications Plc.
The US $77.5 Million deal (rising by another $80 million in the event of a future sell-on) means that the Quantel management team is now the majority shareholder in the company.
All staff will be afforded the opportunity to participate in the new company.
“The 11 years with Carlton have been great for Quantel,” said Richard Taylor, executive chairman.
“It is now time to move on. Successfully completing the MBO is the fulfilment of a dream for all of us; there is a huge level of support from the staff for the giant step we are taking together.”
Support Messages
“We have also received many messages of support from our customers and this deal allows us to continue to offer them the high levels of support and service they have come to expect.
“We are also determined that our customers will benefit from a company which combines the vitality of a start-up with all the experience of a 25 year old company.”
The purchase of the company has been undertaken with backing from Lloyds TSB Development Capital, part of the Lloyds TSB Group.
Quantel’s management team was advised throughout the purchase process by Mark Hodgkins of Ernst & Young with legal advice provided by Wragge & Co., Birmingham, UK.
The Quantel management team comprises: Richard Taylor, Executive Chairman; Paul Kellar, Research Director; Dale Fry, Operations Director; Nigel Turner, Marketing Director; Chris Whiteley, Commercial Director; Martin Mulligan, Sales Director; Ian Cooper, Finance Director.
