Vitec, a Global Provider of Products and Solutions to the Broadcast and Photographic Markets, Acquired DayMen Acquisition S.A.’s Lowepro® and JOBY® Brands
Intrepid today announced that it served as the exclusive financial advisor to DayMen Acquisition S.A., a leading designer and marketer of protective cases, backpacks and storage solutions and accessories for photography and technology enthusiasts, on the sale of substantially all its assets, including the Lowepro® and JOBY® brands, to Vitec Group plc (LSE: VTC), a global provider of products and solutions to the broadcast and photographic markets. The acquisition will strengthen Vitec’s position within the photographic bag market and enable the company to become the leading global provider of accessories within the newer and fast-growing iPhoneography and vlogging markets.
“We are pleased to announce another successful cross-border strategic transaction for our practice,” said Gary Rabishaw, Managing Director and Head of the Commercial & Consumer Technology practice at Intrepid. “Lowepro® and JOBY® bring a rich heritage of innovation and product development and will benefit from being part of Vitec’s global family of companies as they continue to address the rapidly growing content creation market.”
With more than 85 million bags, cases and accessories sold globally in the last decade, Petaluma, Calif.-based Lowepro® and JOBY® have become synonymous with empowering creativity and protecting technologically advanced devices. The Lowepro® and JOBY® brands will join Vitec’s portfolio as part of its Photographic division. Vitec markets a portfolio of 22 globally recognized brands, including Manfrotto, Gitzo, Lastolite and Avenger.
“Intrepid skillfully led us through a highly complex transaction process and found an ideal global strategic buyer with outstanding fit and synergies capable of leveraging what we’ve built at DayMen,” said Jeff Colton, DayMen’s Chief Executive Officer.
Founded 50 years ago by Greg Lowe, a professional photographer with an inventive spirit, the Lowepro® brand continues to be No. 1 globally¹ for its bags, which are designed to carry and protect solutions for cameras, video and imaging devices and accessories. In 2006, JOBY® introduced the GorillaPod® which transformed the camera accessories markets. Since its 2011 acquisition by DayMen, JOBY® has continued to innovate and grow within the tripod and mobile accessories markets.
Vitec employs 1,600 personnel across 10 countries and two divisions: Broadcast and Photographic. Vitec is a publicly listed company on the London Stock Exchange and reported revenue of £376.2 million ($508 million) in 2016.
¹ Sources: NPD Group data.
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About Intrepid Investment Bankers
Intrepid provides M&A, capital raising and strategic advisory services to entrepreneurs and middle-market companies in various industry sectors. Our heritage, rooted in our founders’ successful 35-year history, breeds a culture that embraces teamwork, tenacity, and creativity to win big for our clients. We believe that every company has an entrepreneurial passion that drives it and a story that defines it. Our team delivers results through skillful positioning and relentless execution. Based in Los Angeles, Intrepid augments its international capabilities through its active participation in Oaklins, an exclusive global alliance of M&A advisory firms.