Vitec Group negotiates £100m refinancing20 September 2012
Vitec Group plc, which owns numerous broadcast brands, has refinanced a £100 million revolving credit facility with a syndicate of banks co-ordinated by Barclays.
Barclays, HSBC, RBS and Wells Fargo each provided £22.5m while UniCredit provided £10m. The new five-year finance package will enable Vitec to continue to develop its existing businesses and selectively acquire new companies to complement its strategic objectives.
“The new five year facility provides Vitec with appropriate facilities to meet our strategic objectives with a banking group where we have strong relationships,” said Vitec’s Group Finance Director, Paul Hayes.
“The commitment of the banking group demonstrates a very positive view of Vitec’s business and strategy, and will allow it the flexibility to move forward in its evolution,” added Richard Bacon, the Relationship Director leading the deal for Barclays.
Vitec’s Videocom division owns a wide range of businesses that are prominent in broadcasting, including: Anton Bauer, Autoscript, Litepanels, OConnor, Petrol Bags, Sachtler, Vinten and Vinten Radamec which, together, released 19 new products at IBC, as well as Nucomm and RF Central, and a couple of defence/security-related microwave businesses. It also owns Camera Corps, which it acquired in April.
Vitec’s Imaging division includes such brands as Manfrotto, Lastolite, Kata, Gitzo and National Geographic. It also offers broadcast services, such as equipment rental and used equipment sales, fibre optic integration and installation through its Bexel subsidiary. Total Vitec Group revenue for 2011 was £351 million.