More Broadcast Vendor M&A: Vitec Group Buys Photo Lighting and Accessories Vendor Lastolite

Posted by Joe Zaller
Mar 08 2011

Vitec announced that it has acquired the entire share capital of Henry Holdings Limited (“HHL”), for a cash consideration of up to £9.75m. HHL is the owner of Lastolite Limited in the UK (“Lastolite”).

Based in Coalville, Leicestershire, Lastolite employs approximately 80 people and is a leading designer, manufacturer and supplier of lighting control accessories and backgrounds for the photo, video and cinema industry. Established in 1986, Lastolite produces highly innovative products for the keen amateur and professional photographer. It is also the owner of the Colorama brand of paper backgrounds.

The Acquisition will complement Vitec’s existing range of Manfrotto lighting supports and LED lights with lighting control accessories, thereby strengthening the Company’s position in this part of the accessories market.

Lastolite will operate as a standalone business within Vitec’s Imaging and Staging Division. Lastolite’s existing senior management, including the Managing Director, Sean Henry, will be retained by the business reporting to the Divisional Chief Executive, Francesco Bernardi.

For the financial year ended 31 December 2010, Lastolite generated audited sales of £8m (of which £1.5m were to Vitec Group entities) and adjusted profit before tax of £1.4m. As at 31 December 2010, Lastolite had gross assets of £3.5m.

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Related Content:

You can read the full press Vitec release here.

Vitec Announces 2010 Results: VideoCom Revenue Falls, Services Post Strong Increase

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