With a worldwide presence across 22 high quality and recognized brands, JOBY and Lowepro have joined the Vitec Group portfolio as part of the Photographic Division, sitting alongside other Vitec owned, leading photographic brands Manfrotto, Gitzo, Lastolite by Manfrotto and Avenger.
Lowepro is a market leader in bags designed to protect electronic and photographic devices.
Vitec plans to integrate the two brands into its Photographic Division, with existing organizational structures under the leadership of Marco Pezzana, Photographic Divisional Chief Executive.
Earlier in 2014, Vitec acquired Kata Bags, in view of improving the quality by adding CPS, a Manfrotto protection system that provides a thick layer of structured, shock-absorbing core sectional dividers. This guarantees maximum protection to the gear inside.Consequently, the Kata bags range was branded as Manfrotto and Kata lost its identity. Kata bags have had a huge influence on the accessory industry.
Pezzana commented in the press release, “We are proud to announce that two remarkable brands within the photographic accessories market, JOBY and Lowepro, will join the Vitec Photographic Division. “We pride ourselves on supplying the leading photographic brands to the global market. This natural addition to our business strengthens the already outstanding offering we provide to our partners worldwide.”
He continued, “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, creates exciting opportunities for both Vitec Group and our global partners.”
While terms of this deal were not disclosed, Vitec is not known to keep a brand for too long. But as consumers of these photographic accessories, we can expect the best out of this merger/ acquisition.
The acquisition cost Vitec $10.3 million in cash, with an expected total investment of around the deal of $32 million to integrate the new brands. While Vitec Group wants the intellectual property of JOBY and Lowepro and some of the R&D and manufacturing facilities in the Far East, it also expects to save $7 million a year by the end of 2019 by “consolidating and simplifying the business, improving procurement and supply chain management, and leveraging Vitec’s distribution platform.”