According to the company, Thorsteinson “is the ideal individual to lead the next stage in the development of the combined Quantel and Snell.”
Cross, who had been CEO of both Quantel and Snell since March 2014, when it was announced that Quantel had acquired fellow UK-based broadcast technology vendor Snell, a deal that had been long-rumored in the industry, since the two companies already had a common parent, Lloyds Development Capital (LDC), the investment arm of Lloyds Bank.
Previously, Cross had been CEO of Quantel since December 2005.
At the time of the Quantel-Snell deal, the company said in a statement that the combined entity had revenue of more than $170 million and office in 16 locations around the globe, making it one of the larger vendors in the broadcast industry. The company has not provided an update on its performance since that time.
It will be interesting to see what moves Thorsteinson, a longstanding broadcast industry executive, will make as CEO of Snell and Quantel, companies he has competed against in previous roles.
Thorsteinson is a well-known figure in the broadcast industry having headed-up several of the industry’s largest technology vendors over the past 15 years.
In January 2013, Thorsteinson was named CEO of Grass Valley, replacing Alain Andreoli, who had been appointed by private equity firm Francisco Partners following their 2010 acquisition of Grass Valley from Technicolor.
Just over a year later, Thorsteinson oversaw the $220m sale of Grass Valley to Belden Corporation, who combined it with Miranda, keeping the Grass Valley moniker for the enlarged entity.
Interestingly, Thorsteinson was also involved in the sale of Miranda to Belden. In April 2012, he appointed a director of Miranda Technologies during the time that activist investor JEC Capital was agitating for a sale of that business. Three months after Thorsteinson became a director of the company, Belden Corporation acquired Miranda for an enterprise value of $356m.
Thorsteinson was the President of Harris Corporation’s Broadcast Communications Division from 2006-2010. He was appointed to this role following the $460m purchase by Harris of Leitch Technology Corporation, where Thorsteinson had been CEO since November 2003.
Prior to Leitch, Thorsteinson was CEO of Grass Valley Group, and oversaw the December 2001 sale of Grass Valley Group to Thomson Multimedia for $172m.
“We are delighted to have Tim Thorsteinson join Quantel to continue the company’s transformation. Tim has a proven track record of value creation, and his knowledge and experience are a great fit to grow the combined Quantel and Snell business into a major force in the rapidly changing broadcast industry,” said Chris Hurley, Managing Director Lloyds Development Capital and Quantel Board Director. “I would also like to thank Ray for all his hard work and achievements at Quantel over the past 10 years.”
“I’m very excited to be joining Quantel,” said Thorsteinson. “It is one of the larger independent businesses in our industry, with world class products and a rich history of innovation. I want to build on that tradition to create an organization 100% focused on helping our customers prosper in the media technology world.”
Press Release: Tim Thorsteinson becomes Quantel CEO
Press Release: Quantel acquires Snell to create new force in media technology
Press Release: Tim Thorsteinson Named President of Harris Corporation’s Broadcast Communications Division
Press Release: Harris Corporation Completes Acquisition of Leitch Technology
TVNewsCheck Article (9-29-2011): Tech One-on-One With Simon Derry — Snell Aims To Master the U.S. Market
Broadcast Magazine (2002): Snell Secures £22m from Advent
Press Release (2002) Advent Venture Partners invests GBP13m in Snell & Wilcox
Variety Article (7-14-2000): Carlton sells tech arm Quantel to LDC for £51 million
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