Vitec Group, the owner of camera accessory brand Manfrotto, has completed the acquisition of competitors JOBY and Lowepro to the tune of $10.3 million (about RM43 million) in cash from DayMen. These brands join the already substantial Vitec stable, which also includes names like Gitzo, Lastolite, Colorama, Litepanels and SmallHD.
JOBY is famous for its GorillaPod line of products – the flexible camera tripods series – while Lowepro has been the choice for many professional photographers for their camera bags, pouches and accessories.
The company believes that their extensive knowledge of the photographic market will enable them to add a wealth of value to these already leading brands. There is a side-effect of this acquisition as there will be less competition in the market, as Vitec will essentially dominate the market with the many brands under their wing.
Part of the acquisition deal are the R&D facilities and manufacturing bases of JOBY and Lowepro will now be under Vitec Group, expanding its capabilities in creating new products and solutions. It also plans to integrate the two brands into their photography portfolio, although there are no plans shared on how this will happen.
(Source: DPreview )