The Vitec Group announced today that it has acquired camera accessories companies JOBY and Lowepro in a £7.6m deal, amongst other assets.
The broadcasting and photographic suppling company have acquired the companies from the DayMen Group in a bid to expand its photographic market into vlogging and iPhone photography.
JOBY and Lowepro will be situated in the company’s photographic division alongside manufacturers including Manfrotto, Gitzo, Lastolite by Manfrotto, Avenger and Colorama.
Group chief executive of Vitec Stephen Bird said: “Vitec is the natural home for JOBY and Lowepro and we know the business well.
“This is an opportune time to buy these high profile, high quality brands: JOBY has been growing rapidly, reflecting its success in developing innovative new products for the camera accessories market, while Lowepro represents an opportunity to improve margins through cost reductions and integration with Manfrotto, along with the potential for additional benefits as its markets improve.”
Both products have been acquired under the photographic division of the company.
Photographic divisional chief executive Marco Pezzana said of the news: “We believe that our extensive knowledge of the photographic market will enable us to add a wealth of value to these already leading brands.
“JOBY and Lowepro’s product development expertise coupled with our established global distribution network, engineering and manufacturing capabilities, gives an exciting opportunity for both the Vitec Group and our global partners.”
What is Lowepro?
Based in California, Lowepro is one of the leading camera bag designers and retailers, specialising in backpacks, cases and camera bags for all climates and weather.
Vitec hopes that Lowepro will compliment their existing products from Manfrotto, another camera bag supplier under the brand, with its outdoor and adventure focus compared to Manfrotto’s urban and studio market.
What is JOBY?
JOBY is a camera accessaries manufacturer designed and developed in Hong Kong, and is best known for its GorillaPod on the camera accessories market. The bendy tripod has become a favourite among vloggers and smartphone photographers since its launch in 2006.
They will both join the 22 other brands that Vitec currently owns.