LG Sells The Big Picture
August 2006
Street Capital, an Irish fund, has backed the management buy out of Harkness Hall, the worlds leading supplier of PVC Cinema Screens, from Allen McGuire & Partners, in a deal negotiated Livingstone Guarantee. This is the second time that the firm has sold Harkness Hall in the last seven years.LG director Nigel Morgan, who negotiated the sale on behalf of Allen McGuire, says: “There are 100,000 cinemas in the world. Harkness Hall has a worldwide market share of 50%, together with supplying screen services to theme parks, screening rooms and (particularly in America) home cinemas.
“Screens have a finite life so, Harkness Hall, with its dominance of this niche market, is able to guarantee a regular and significant profit - something which makes the business attractive to private equity houses.”
Located in Stevenage in the U.K., France and America, the company cuts, welds, finishes and coats PVC before creating frames and installing the screens where their skill in disguising any joins is paramount.
Patrick Groarke, the LG partner who heads a dedicated specialist manufacturing team, says: “The sale of Harkness Hall to the management is the latest of a series of deals we have completed for Allen McGuire. Because of the nature of the business we were able to attract significant interest from the private equity community and discussed a sale with a number of prospective backers.
“Street Capital came into the picture at a comparatively late stage but offered the most attractive deal, especially as it is headed by Vivian McGuire, a former chairman of Harkness Hall.”
Patrick Groarke, partner
Tel: 020 7484 4707
Email: patrick.groarke@livguarantee.com
Nigel Morgan, director
Tel: 020 7484 4733
Email: nigel.morgan@livguarantee.com
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