Posts Tagged ‘Duncan Lewis’

More Broadcast Vendor M&A: Vislink Completes Acquisition of Gigawave for £3.75 Million

Broadcast Vendor M&A | Posted by Joe Zaller
Jun 03 2011

UK-based Vislink plc, which owns the Advent, Link, and MRC brands, announced that it has closed the acquisition of Gigawave. The purchase price was £3.75m, and Vislink says the deal will be accretive to earnings.

Gigawave designs and manufacturers wireless camera, microwave and antenna products for the broadcast market. For the year ended April 30, 2011 Gigawave posted a pre-tax loss of £430,000 on revenue of £10m.  In the previous year, the company lost £1m on revenue of £12.5m.

Under the terms of the deal Vislink is paying £1.75m cash up front and repaying £400,000 of shareholder loans. Vislink will then pay an additional £1m cash on each of the first and second anniversary of the transaction.

Vislink says that Gigawave, which currently employs 87 people, will be integrated into its UK operations, and will strengthen its position in its broadcast market by broadening the its capabilities in terms of engineering, product portfolio and geographic reach.

Henry Barczynski, Gigawave’s founder and current managing director will remain with Vislink after the transaction. He will become Vislink’s chief marketing officer and report to CEO John Hawkins.

Vislink first telegraphed its intention to buy Gigawave in November of 2010 when it said it was restructuring its operations to focus more fully on the broadcast and public safety markets. At that time Vislink said it expected to pay £5.75m for Gigawave, and Vislink’s then CEO Duncan Lewis was quoted in a Financial Times article as saying the acquisition of Gigawave would “send a signal to the market of how serious we are about news and entertainment.”

Then in a March 2011 trading update, Vislink indicated that the deal might not happen, saying “Whilst we continue to believe in the industrial logic of bringing Gigawave and Vislink and their associated brands together we have, to date, been unable to reach an agreement with the vendors.”

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Related Content:

Press Release: Vislink Acquires Gigawave

Vislink Interim Management Statement for 1H 2011

Vislink News & Entertainment Revenue Declined 28 Percent in 2010

Vislink CEO to Step Down, Will be Replaced by New Chairman on Interim Basis

Vislink Lays off 25% of Workforce

Vislink Restructuring Operations. Announces M&A Program to Focus Business on IP Video for Broadcast and Public Safety Markets

Vislink Trading Update for 1H 2010

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Vislink CEO to Step Down, Will be Replaced by New Chairman on Interim Basis

Broadcast technology vendor financials | Posted by Joe Zaller
Feb 21 2011

Satellite and microwave communications technology provider Vislink said today that Duncan Lewis, who has been the company’s CEO since October 2008, will be stepping down at the end of March 2011. Vislink owns a variety of companies in the broadcast industry including Advent, Link, MRC, and Pacific Microwave.

The news comes less than a month after Vislink announced that it plans to lay off approximately 25% of its workforce, following the sale of its marine energy division.  

Newly appointed chairman John Hawkins will take over the CEO position from Lewis on an interim basis.   

Vislink announced last year that Hawkins, who the company says has previously led a number of companies through successful turnarounds, will become chairman at the company’s AGM in May 2011, replacing previous chairman Tim Trotter, whose departure was announced in November of 2010 as part of its ongoing restructuring.  

Lewis made the following statement about the announcement: “I have thoroughly enjoyed my time with Vislink despite the vicissitudes of repositioning the Group at the end of the biggest contract in its history and in the jaws of the recession. I wish my successor well in building on the platform we have created, and I am grateful to the Board for its extraordinary support during these changes.”

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You can read the full announcement from Vislink here.

Information about Vislink’s restructuring plans is here.

Information on Vislink’s plans to lay off 25% of its workforce is here.

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Vislink Restructuring Operations. Announces M&A Program to Focus Business on IP Video for Broadcast and Public Safety Markets.

broadcast industry trends, Broadcast technology vendor financials, Broadcast Vendor M&A, Quarterly Results | Posted by Joe Zaller
Nov 23 2010

Vislink a provider of technology and solutions for microwave radio, satellite transmission, wireless camera and marine CCTV, announced that it plans to restructure its operations.  The company owns several brands in the broadcast industry including Advent, Link, MRC, Pacific Microwave, and Western Technical Services.

After conducting a strategic review of its operations, Vislink said it is re-shaping itself to focus on IP based systems for the news & entertainment and law enforcement & public safety markets where “it believes it is already regarded as a market leader.”

As a result of this decision, the Vislink announced an M&A program though which it will divest certain assets and buy others in order to focus more fully on the broadcast and public safety markets.

Specifically, the company will

  • sell its marine and energy (M&E) business to Hernis Scan Systems for £32.5m
  • sell Western Technical Services (WTS) for between £2.5m – £4.5m
  • acquire Gigawave, one of its competitors in the broadcast market, for an expected £5.75m

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The company said it will use the proceeds from the sales of WTS and its M&E business to pay down debt, invest further in IP development, and make earnings enhancing acquisitions such as Gigawave.

According to a Financial Times article, Vislink CEO Duncan Lewis, said the acquisition of Gigawave will “send a signal to the market of how serious we are about news and entertainment.”

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Vislink Trading Update

The company said that its revenue increased in the third quarter by 15% versus the previous quarter of this year, but that year to date sales are down 24% versus the first nine months of 2009.

News and entertainment market orders for the first nine months of the year were 6% higher than in the same period in 2009.

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Management Changes

The company also said that chairman Tim Trotter will be stepping down as in 2011, and that it intends to appoint John Hawkins as his replacement.  Hawkins has led a number of companies through successful turnarounds and is currently nonexecutive Chairman of Psion plc.

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You can read the full Vislink announcement here.

A Financial Times article about the announcement is here.

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