RDF wraps up buyout

UK indie producer and distributor RDF has completed its management buyout and delisted its shares from the London Stock Exchange.

The deal leaves RDF management, headed by CEO David Frank, and Cyrte Investment as equal shareholders in the company.

The £52 million (US$75.1 million) deal was announced last November a which point trading in RDF shares was suspended. The company originally floated back ion 2005.

"I am delighted that we have been able to bring this transaction to a close despite the most difficult of credit markets," said Matthew Frank. "I believe coming off the public market at this time provides us with a far more effective platform on which to continue our record of 15 years’ unbroken growth as it affords us greater flexibility in meeting the challenges and exploiting the opportunities that we face."

Financing for the deal was provided by a group of three banks: RBS, Bank of Ireland and Barclays. The company generated revenues of £120 million in 2008.