Smartphoto group UK acquisition of System Insight, active in event and souvenir photography
Smartphoto group announced the acquisition of System Insight Holdings, a UK company specialized in event and souvenir photography under the commercial name Image Insight. With this acquisition, Smartphoto adds a new component to its growing B2B division. This acquisition will join Smartphoto's B2B division alongside TopFanZ, a previously acquired company specializing in fan merchandise in the sports and entertainment sector. Event and attraction photography is a growing market worldwide, driven by the increasing popularity of experience-based leisure activities. This acquisition is the next step in the expansion of a new B2B segment, which is complementary to Smartphoto group's current ‘Smartphoto' and naYan segments. System Insight generated revenue of € 6m and significant EBITDA margin (we expect between 12 and 20%) in FY24, underscoring its strong position in the event and souvenir photography market. We maintain our € 38 TP and BUY rating.Smartphoto Group is a diversified photo and multimedia group. It has two core activities that are structured into two separate divisions, the Retail Group and the Imaging Group. The Retail Group focuses on consumer electronics and on multimedia products on several local markets. Imaging Group provides goods and services that are directly concerned with both analogue and digital photography in the broad sense. These are mainly products and services concerned with the production of photo prints, which implies a specific production process for 'photofinishing'. Several entities in the Imaging Group deal in goods required for taking photos and printing them.
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