Private equity firm LDC announces investment in Sohonet
UK mid-market private equity firm LDC has invested in Sohonet, an international provider of connectivity, collaboration software, media services and network security for the media and entertainment industry.
LDC’s investment, which was led out of its South West office, will support the existing management team, led by CEO Chuck Parker, to further build on its international growth strategy and explore complementary acquisitions.
Founded in 1995, Sohonet provides over 500 media companies and thousands of media professionals with a wide range of technically advanced and highly secure solutions. These are designed to help media professionals collaborate on projects with their internationally distributed teams to create the content that appears on screens for feature films, TV shows and advertising.
The business has a global presence across Europe, North America and Australasia, including locations in London, Los Angeles, New York and Sydney. It employs more than 120 people and has grown revenues by 30 per cent in the last three years.
The investment was led by Head of LDC in the South West Dewi Hughes, Senior Director Steve Aston, Investment Manager James Garland and Investment Director Oliver Schofield. Dewi and Steve will join the board alongside Tim Weller as Non-Executive Chairman, bringing a wealth of technology, production and post-production experience in the international media industry.
Chuck Parker, CEO of Sohonet, said: “We are very pleased with the growth of the business over the past six years and are proud of the brand and products we have developed. The migration of post services to the cloud, the rise of virtual production, and the explosion of remote collaboration has made our capabilities more relevant than ever, as storytellers everywhere find themselves in the golden age of content creation.”
Banking facilities are provided by Apera and Clydesdale. The financial details of the transaction are undisclosed.
LDC was advised by CGA Altium (Corporate Finance and Debt Advisory), Osborne Clark (Legal), CIL (Commercial Due Diligence), KPMG (Financial Due Diligence and Tax), Mentor (Technical), Intechnica (IT), Aon (Insurance) and Prelude (Management).
Sohonet was advised by Raymond James (Corporate Finance), RSM (Financial Due & Tax), EY Parthenon (Commercial Due Diligence) and Goodwin Proctor (Legal). Management were advised by Mishcon de Reya (Legal).