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Vitec buys Litepanels LED firm for $14.5m

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Date: Friday 22 Aug 2008

LONDON (ShareCast) - Vitec, which supplies products and services to the media sector, has agreed to buy the business and assets of Litepanels Inc. and Litepanels LLC for an initial $14.5m cash.

The group said additional earnout payments will be dependent on annual operating profit performance in the calendar years 2008 to 2011. The maximum payment is $50m.

Litepanels, which has developed an innovative range of LED on-camera and stand-mounted lighting systems, will report as part of Vitec's Broadcast Systems division.

“Litepanels is a fast-growing business with an impressive patent portfolio of exciting products that are sold to our existing customer base,” said chief executive Gareth Rhys Williams.

“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,” he added.

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