The Vitec group, an international provider of products and services for the photographic, live entertainment and broadcast industries, has acquired US Litepanels, a US manufacturer of light-emitting diode (LED)-based lights for the television, broadcast, video and film sectors.
The Vitec group, an international provider of products and services for the photographic, live entertainment and broadcast industries, has acquired US Litepanels, a US manufacturer of light-emitting diode (LED)-based lights for the television, broadcast, video and film sectors.
The $14.5 million (£7.8 million) deal strengthens Vitec’s product line with a range of easy-to-use and energy efficient equipment used by newscasters and actors in the media and entertainment sectors.
The consideration will be paid from Vitec’s existing cash pool, with an additional deferred payment of up to $50 million dependent on the company’s performance between 2008 and 2011.
Litepanels is a media lighting specialist based in North Hollywood, California. Its products are used in numerous locations, including the White House press briefing room.
In December, the company posted pre-tax profits of $1.3 million on revenues of $5.8 million.
“Vitec already has a significant position in the lighting stand market and sells on-camera lights through its existing broadcast channels. We look forward to working with the team at Litepanels to help develop the business in the future, leveraging off the strength of Vitec’s worldwide distribution,” said Gareth Rhys Williams, chief executive of Vitec.
