Vitec, the firm that owns the Manfrotto tripod brand, has acquired UK photographic accessory maker Lastolite in a deal worth nearly u00a310 million.
Vitec, the firm that owns the Manfrotto tripod brand, has acquired UK photographic accessory maker Lastolite in a deal worth nearly £10 million.
Lastolite, which was set up more than 22 years ago, makes kit for amateur and professional photographers including studio lighting, backgrounds, softboxes, reflectors and diffusers.
Vitec acquired Lastolite?s owner, Henry Holdings Ltd, for £9.75m.
Vitec?s chief executive Stephen Bird said: ?We are delighted to announce the acquisition of Lastolite, which is in line with our strategy of broadening our lighting offering within the photographic market.
?The Lastolite business and its management are well known to us and we look forward to the Lastolite and Manfrotto teams working together, sharing distribution and sales opportunities.?
Vitec, which is based in Surrey, also supplies products and services for the broadcast industry and the military.
Last year Lastolite generated £8m in sales and made a profit before tax of £1.4m.
Based in Coalville, Leicestershire, Lastolite employs around 80 people.