January 30, 2007

Photo-Me, the international company responsible for photochemical and digital photobooths around the world, has hired Lazard as financial advisors to help them deal with a potential break-up of the company into three separate sectors.

The appointment of Lazard, which will work alongside JPMorgan Cazenove, the group’s existing financial adviser and joint broker, marks the start of a strategic review that could lead to a sale of one or all of the three businesses, Photo-Me said.

As we noted last month, Photo-Me has been considering splitting up its three sectors — vending, minilab manufacturing and wholesale manufacturing — and selling off one or more of them. In light of changes in the photography industry as well as the approach of biometric passports, Photo-Me has seen rough financial times over the last year or so.

Brian | 3:16 pm | In the News

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