Magic Memories Undertakes Recapitalisation
Industry: Travel & Leisure Technology
Amount: Not disclosed
Where: Global, from New Zealand and Australia
When: August 2020
NRP advised Magic Memories (www.magicmemories.com) on its recapitalisation, obtaining funding from Pioneer Capital and other shareholders via an issue of three-year 8% redeemable preferred shares.
Magic Memories is a leading provider of digital imagery and video content at ~160 of the world’s leading tourist attractions. All sites were closed during the pandemic causing Magic Memories’ revenues to fall from ~US$100m to zero. Magic Memories called on NRP to urgently lead its fund raising. Conducted almost entirely by Zoom, this transaction was undertaken in trying circumstances during the COVID-19 pandemic with the various parties located in Australia, New Zealand and North America.
North Ridge Partners was the exclusive financial advisor to Magic Memories.