UK media group Carlton Communications had ended its search for a buyer for editing equipment maker Quantel by striking a $76.9m (£51m) deal with a management buy-out team, Carlton said on Thursday.
The buy-out team, which includes chairman Richard Taylor, struck the deal after securing backing from Lloyds TSB Development Capital. The new owners may also pay Carlton a further $85.9m (£57m) depending on future performance of the business or profits realised in the event of a future sale of the company.
Quantel, which designs and manufactures image processing equipment for the TV and post-production sector, posted an operating loss of $20m (£13m) for the six months ending March 31 this year. The Newbury-based company's product portfolio includes Paintbox, Harry, Henry and Clipbox.
The deal completes the disposal of all Carlton's product companies. Carlton, which sold Solid State Logic in December, is focusing on core businesses in the TV and new media sector.