It’s reported that The Vitec Group plc announces that it has signed an agreement to acquire the business and assets of Litepanels, Inc and of Litepanels, LLC (together "Litepanels" or "the Business"), the leading manufacturer of LED-based lights for the television, broadcast, video and film industries.
Litepanels is a fast-growing business with an impressive patent portfolio of exciting products that are sold to their existing customer base. Litepanels has developed an innovative range of LED on-camera and stand-mounted lighting systems, backed by a strong patent portfolio, that have gained considerable acceptance with lighting and broadcast professionals in the last few years, resulting in Litepanels being seen as a market leader in the media lighting industry. LED lighting is attractive, particularly in studio and film set applications, because of its low power consumption and low heat generation compared to traditional light sources, and is expected to continue to grow rapidly as lighting directors convert to this technology.
Vitec already has a significant position in the lighting stand market, and sells on-camera lights through its existing broadcast channels; they 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.
