Lastolite News Report News & Deals

Lastolite is proud to announce the Joe McNally Signature Series of light modifiers. These products are take-offs of already existing great Lastolite products, but decidedly with professional photographer Joe’s touch.
 
Joe McNally TriFlip Kit (LL LR3996JM)
• New size of TriGrip, about 35.4”.
• Base is translucent.
• First cover is Silver, Softsilver, Gold and White.
• Second cover is a double sided black cover with a square that can be pulled out to create a hard edge.
 
Joe McNally TriFlash Rotate (LL LA2457JM)
• Same unit as the TriFlash Shoelock, but each of the cold shoes swivel 360º.
• Attach up to three flash guns.
• Rotating shoe mounts.
• Screw locking.
 
Joe McNally Satin Ezybox Hotshoe (LL LS2462JM)
• Same size as the medium Ezybox Hotshoe.
• Interior is white instead of silver providing a softer, less “contrasty” look.
• Adjustable bracket for different sized flash guns.
• Inner and outer diffuser.
 
Joe McNally UpLite (LL LR3497JM)
• Same as the standard UpLite 4:1 but includes a 3’ x 4’ diffuser panel.
• Diffuser can be used to create a ground level direct or indirect softbox effect.
• Self supporting reflector/diffuser panels.
• 30 to 80 degree positions.
• Ideal for outdoor use.
 
B&H carries the Lastolite Joe McNally products.

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 Henry Holdings Limited ("HHL"), for a cash consideration of up to £9.75 million (the "Acquisition"). HHL is the owner of Lastolite Limited in the UK ("Lastolite").
 
Based in Coalville, Leicestershire, Lastolite employs approximately 80 people and is a leading designer, manufacturer and supplier of lighting control accessories and backgrounds for the photo, video and cinema industry. Established in 1986, Lastolite produces highly innovative products for the keen amateur and professional photographer. It is also the owner of the Colorama brand of paper backgrounds.
 
The Acquisition will complement Vitec's existing range of Manfrotto lighting supports and LED lights with lighting control accessories, thereby strengthening the Company's position in this part of the accessories market.
 
Lastolite will operate as a standalone business within Vitec's Imaging and Staging Division. Lastolite's existing senior management, including the Managing Director, Sean Henry, will be retained by the business reporting to the Divisional Chief Executive, Francesco Bernardi.
 
For the financial year ended 31 December 2010, Lastolite generated audited sales of £8.0 million (of which £1.5 million were to Vitec Group entities) and adjusted profit before tax of £1.4 million. As at 31 December 2010, Lastolite had gross assets of £3.5 million.
 
Under the terms of the Acquisition, an initial consideration of £8.75 million was paid on completion and is subject to post-completion adjustments for changes in net assets. Up to a further £1.0 million is payable in 2012 based on operating profit for the year ending 31 December 2011. At completion, Lastolite had net cash balances (net of liabilities assumed by Vitec) of £0.3m. Consideration has been paid in cash, financed out of Vitec's existing revolving credit facilities. The Board expects the Acquisition to be earnings enhancing (on an adjusted basis) in the year ending 31 December 2011 (see note 1).
 
Stephen Bird, Vitec's Group Chief Executive, commented on the acquisition:
 
"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."