Vitec lights up with Lastolite
The parent company of Coalville-based Lastolite has been sold for £9.75m. Lighting product provider Vitec has bought the entire share capital of Henry Holdings, which it says will complement the company’s existing lighting range.
Vitec, based in Surrey, provides products and services for the broadcast, photographic, and military, aerospace and government markets.
Lastolite employs about 80 people at its Coalville base. It designs and supplies lighting control accessories and backgrounds for the photo, video and cinema industry. The company is also the owner of the Colorama brand of paper backgrounds.
The directors of Vitec said that Lastolite will operate as a standalone business within its 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.
Under the terms of the acquisition, an initial consideration of £8.75m was paid on completion and is subject to post-completion adjustments for changes in net assets. Up to a further £1m is payable in 2012 based on operating profit for the year ending 31 December 2011.
