The Vitec Group plc Acquisition of Camera Corps
The Vitec Group plc ("Vitec"), the international provider of products and services for the broadcast, photographic, and MAG (military, aerospace and government) markets, announces that it has acquired the entire share capital of Camera Corps Limited ("Camera Corps"). Camera Corps is a world leading provider of speciality remote camera systems used by broadcasters for capturing high quality images, particularly at major sporting events. Estimated net consideration of £8.0 million was financed out of Vitec's existing banking facilities.
Based in the UK, Camera Corps provides speciality remote camera systems, tracking, support systems and full service facilities to broadcasters. It also develops and manufactures bespoke camera systems in order to deliver high quality broadcast solutions. This includes the Q-Ball™ which provides high definition images from a small, highly flexible, easy to operate camera system that is being increasingly used in sporting events including the Olympics and reality TV shows such as Big Brother. Vitec's Services Division is the existing US distributor of the Q-Ball™.
This acquisition will complement Vitec's existing range of broadcast equipment and its products will be marketed through Vitec's global distribution network. Camera Corps will operate within Vitec's Videocom Division and its existing senior management, including the founder, Laurie Frost, will remain with the business.
Stephen Bird, Vitec's Group Chief Executive, commented on the acquisition:
"Camera Corps is a business we have known for some time and I am delighted to welcome the Camera Corps team to Vitec. The acquisition is in line with our strategy of helping our customers capture exceptional images. There is a growing appetite among consumers for more unusual and interesting camera angles and Camera Corps is a world leader in helping broadcasters capture these moments."