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A&O advises on the merger of Photobox and Albelli

Multi-disciplinary teams from Allen & Overy’s offices across Europe advised on the recently completed merger of Photobox and Albelli. Photobox is a portfolio company of Exponent Private Equity LLP (“Exponent”) while Albelli is a portfolio company of Gilde Buy-Out Fund (“Gilde”).

The newly-combined company will serve a pan-European customer base of over 7 million customers and create a leading player in the online European photo product and gifting market. Gilde and Exponent will retain ownership of the combined business, together with the management teams of both businesses.

A team of M&A and private equity specialists from A&O’s offices in London and Amsterdam advised long-standing client Exponent. A&O’s leveraged finance team advised Exponent and Gilde on the combined company’s debt financing arrangements in respect of the merger.

The team advising on the transaction was co-led by corporate M&A partner Katinka Middelkoop in Amsterdam, with private equity M&A partner Gordon Milne and leveraged finance partners Neil Sinha and Cathy Bell-Walker in London.

Also leading on the M&A advice to Exponent were Amsterdam-based senior associate Diyashen Pillay and associate Anne-Sophie van Gruijthuijsen, with London-based senior associate Monika Przygoda and associates Felix Jiang and Iqra Anees. Also leading on the debt finance advice to Exponent and Gilde in London were senior associates James Green and Tiffany Liow, with support from associate Ivan Orsolini, and in Amsterdam, senior associate Nina Harteveld and associate Diya Dilan.

Specialist advice was led by corporate partner Sophie Roozendaal (Amsterdam), antitrust partner Alasdair Balfour, tax partner Tim Harrop, incentives partner Paul McCarthy (all London), and employment partners Arnold Keizer (Amsterdam) and Claire Toumieux (Paris).

A&O previously advised Exponent on the demerger of Photobox and Moonpig and the subsequent IPO of the Moonpig group in 2021 – a deal which ultimately saw Exponent win Mid-Market Exit of the Year at the 2021 Unquote British Private Equity Awards.